Cryptocurrency prices have been crashing in the past few days, but the market shows signs of a healthy recovery. Bitcoin has gained by around 4% in the last 24 hours, trading at $17,732, while Ether is up by more than 12% in the last 24 hours. The global cryptocurrency market capitalization has also increased by nearly 5%, and it is currently above $900 billion.
Crypto prices recover slightly after crash
The broader cryptocurrency market has been plunging amid concerns about the FTX cryptocurrency exchange. The exchange is currently facing insolvency issues despite being one of the largest cryptocurrency exchanges globally.
However, the bearish momentum seems to be winding down after favorable CPI data was released today. The data showed that inflation in the United States had dropped to 7.7% in October. The drop in inflation could indicate that the Federal Reserve’s policies to hike interest rates are now working.
The Fed has aggressively raised interest rates this year to tame inflation levels that have skyrocketed. The recent hike was earlier this month when rates were raised by 75 basis points.
The CPI data showing that inflation is easing could point to the Fed taking less aggressive action in the next Federal Open Market Committee (FOMC) meeting. The next Fed meeting will be conducted in December, with the Fed expected to raise rates by only 50 basis points.
There is a likelihood that the current rally could be sustained as buyers could enter the market again now that the situation with FTX is becoming clear. Investors now understand the financial situation of both FTX and Alameda, and as the news settles in, the volatility across the market could ease and trigger a bold recovery.
However, there is no certainty of how the news will continue to unfold as regulators are closing in. Tether has already frozen $46 million belonging to FTX at the behest of law enforcement.
Two crypto alternatives to buy today
The situation in the cryptocurrency market is still uncertain despite the recently released data. Traders could shy away from investing just yet until normalcy resumes. Nevertheless, investing in presales is one of the surest ways of guaranteeing returns in the short term.
Investors are rushing to buy the Dash 2 Trade presale before it sells out. This is because of the platform’s unique approach to giving many tools tailored to the needs of crypto investors of any experience level.
The D2T presale has nine stages, with the token’s price increasing gradually at each stage. The first stage only lasted 72 hours, and the third stage is currently ongoing. As investors scramble to gain hold of this token, $5.85 has been raised.
If you missed out on the early presale stages of D2T, rush to jump in on stage one of the TARO presale. You can buy TARO directly with USDT or using ETH in your wallet. The presale has only started, but investors are already rushing to buy.
The RobotEra play-to-earn gaming project has the support of LBank Labs, which could secure a listing on a centralized exchange as soon as the presale ends.
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