The crypto market is up today and Bitcoin (BTC) price jumped up 3.1% on Nov. 15 reaching $17,171, as confidence briefly returns to the global macro outlook with a lower-than-expected producer price index (PPI) print and a cooling U.S. dollar.
Crypto and equities markets responded to PPI data which showed wholesale prices rose 0.2% for the month and 8% from a year ago. This is less than the expected 0.4% monthly estimate and the previous month’s 8.4% yearly increase. The news sent the Nasdaq up 2.5% and the S&P 500 up 1.4%.
FTX’s recent bankruptcy triggered an incredible amount of volatility, but Bitcoin price reacted positively by rallying over $17,000 while traders are warning of a final capitulation yet to come. Let’s examine three major factors influencing