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Bitcoin Surges Past US$26,000 as CPI Release Boosts Market Confidence

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Bitcoin Reclaims $26,000 Support Level as Altcoins Remain Stable

Bitcoin and Ether Rise, Solana Leads the Winners

  • Bitcoin rose 1.45% in the last 24 hours to trade above $26,000.
  • Ether also gained 0.95% to reach $1,609.32.
  • All other top 10 non-stablecoin cryptocurrencies posted gains.
  • Solana led the winners with a 24-hour rise of over 2%.

FTX Receives Approval to Liquidate

  • Bankrupt crypto exchange FTX received court approval to sell its $3.4 billion worth of crypto assets.
  • The selling is capped at $100 million per week, extendable to $200 million.
  • Crypto prices remain stable despite the FTX liquidation.

U.S. Annual Inflation Rate Accelerates

  • The U.S. consumer price index (CPI) release showed an acceleration in the annual inflation rate in August.
  • The core CPI, which excludes food and energy prices, posed a deceleration.
  • U.S. stock futures traded higher after Wall Street closed mixed on Wednesday.

Federal Reserve’s Monetary Policy

  • Analysts expect the Federal Reserve to make no further interest rate hikes in this monetary tightening cycle.
  • The CME FedWatch Tool predicts a 97% chance of no change in the current interest rate in the upcoming meeting.

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