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Cryptocurrency prices rebounded Thursday after sliding to new October lows following the release of a key U.S. inflation reading that came in hotter than expected.
The price of bitcoin was last 1.6% higher at $19,441.52 and ether lost 0.7% to $1,287.20, according to Coin Metrics. Earlier in the day they fell as low as $18,492.33 and $1,220.80, respectively.
Bitcoin dropped below $19,000 early on Thursday as investors anxiously awaited the latest read on the consumer price index. It fell more sharply after the report came in, showing a slightly larger-than-expected increase in inflation, despite the aggressive rate hikes the Federal Reserve has brought into play to combat rising prices.
Cryptocurrencies have been trading mostly sideways since the end of August, with bitcoin hovering within $19,000. That’s been a key level to watch for analysts, who say a...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...