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Why is the crypto market up today?

Published 11/15/2022, 02:42 PM
Updated 11/15/2022, 04:40 PM
Why is the crypto market up today?
CME
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BTC/USD
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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%.

Nasdaq, S&P 500 and Bitcoin. Source: TradingView
Fed target rate probabilities chart. Source: CME Group (NASDAQ:CME)
Bitcoin price and open interest. Source: Coinglass
Bitcoin volatility index. Source: TradingView
Bitcoin funding rates. Source: Glassnode
BTC/DXY 1-day comparison. Source: TradingView

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