The latest CPI report came in better than expected, with the core CPI at 6% compared to the estimated 6.1%. Despite this, the market is still falling slightly and the impact on the Fed’s decision to raise rates remains to be seen. In crypto news, Avalanche’s partnership with AWS has caused a 23% increase in price, with Coin Telegraph predicting an even bigger price surge by March 2023. FTX has recovered $5 billion worth of liquid assets which is significant given that the earlier estimate of their hole was around $8-10 billion. The market is still volatile due to liquidations, but positive news is helping some cryptocurrencies gain ground.
CPI Comes in Better Than Expected
The Consumer Price Index (CPI) has just been released and it came in better than the forecasted estimation. However, despite the positive news, the market is still witnessing a decline. The report shows significant progress, with inflation coming in lower than the previous months. The Federal Reserve (FED) might consider raising rates for short-term, following their recent hawkish stance.
Key Levels in Crypto
Bitcoin, which was previously at 18.2, experienced a drop to 18.060. Nevertheless, it has started to move up again, reaching 18.216. There are concentration points in crypto that investors should keep an eye on. The 100-day EMA was around 18,000, and breaking that level was significant. However, the market got rejected at 18,400. Nevertheless, there is optimism that if Bitcoin can turn the levels of 20,000, 20,400, and 21,400 into supports, it would be quite bullish for the crypto.
Avalanche (AVAX) on the Rise
Avalanche is one of the biggest movers in the crypto market. Coin Telegraph reported that AVAX is now in the breakout stage of a falling wedge pattern, indicating that it could double in price by March 2023. The rise resulted from the announcement that Amazon Web Services (AWS) would partner with Avalanche to scale Blockchain solutions for enterprises and governments. This is a legitimate partnership rather than just AVAX using AWS, and the two firms are working together. AWS is partnering with Ava Labs, who is building out the layer one blockchain Avalanche, to help scale blockchain solutions across institutions and governments.
FTX Recovers $5 Billion Worth of Liquid Assets
FTX has recovered $5 billion worth of liquid assets, including cash, crypto, and securities. This is significant as it covers half of the hole that was thought to be between $8 billion to $10 billion. Selling only crypto might cause a significant downturn in the market, which is not desirable.