Why Bitcoin, Ethereum And Dogecoin Suddenly Exploded Higher Today?

Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) all spiked higher on heavy volume during U.S. pre-market trading. Several cryptocurrencies are trading higher in sympathy with major U.S. indices following key U.S. economic data, which showed a slowdown in inflation and a rise in jobless claims. This has alleviated some concerns of high inflation and a tight labor market.

Crypto otherwise saw marked volatility during Wednesday's session following a CoinDesk report suggesting Binance is scrapping the FTX acquisition. Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly “very unlikely” to proceed with its proposed acquisition of struggling rival FTX.

What Happened With CPI Data?

The headline CPI rose 7.7% in October, down from 8.2% in September, according to data from the U.S. Bureau of Labor Statistics.

The October CPI reading came in below average economist estimates of 8%.

Thursday's highly anticipated CPI inflation reading comes a week after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time in a continued fight against historically high inflation...Read More

According to data from Benzinga Pro:

BTC is higher by 10.37% to $17,554.20

ETH is higher by 17.95% to $1,290.00

DOGE is higher by 17.85% to $0.088

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