Crypto prices are higher ahead of key inflation data, bitcoin holds at $19,000

PUBLISHED: Thu, 13 Oct 2022 08:54:17 GMT
Tanaya Macheel
CNBC
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Ether has hugely outperformed bitcoin since both cryptocurrencies formed a bottom in June 2022. Ether’s superior gains have come as investors anticipate a major upgrade to the ethereum blockchain called “the merge.”
Yuriko Nakao | Getty Images

Cryptocurrencies were slightly higher on Wednesday after investors shrugged off a higher-than-expected inflation report in anticipation of another key inflation indicator due to come out on Thursday.

The price of bitcoin edged higher by about 0.4% and was trading at $19,072.00, while ether rose 0.6% to $1,290.73.

The September producer price index, a gauge of final-demand wholesale prices, came in higher than expected, suggesting to investors that the Federal Reserve is likely to continue aggressively hiking rates until inflation comes down.

Cryptocurrencies were slightly higher on Wednesday after investors shrugged off a higher-than-expected inflation report in anticipation of another key inflation indicator due to come out on Thursday.

The price of bitcoin edged higher by about 0.4% and was trading at $19,072.00, while ether rose 0.6% to $1,290.73.

The September producer price index, a gauge of final-demand wholesale prices, came in higher than expected, suggesting to investors that the Federal Reserve is likely to continue aggressively hiking rates until inflation comes down.

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