Crypto markets are up despite recent inflation data from the US showing mixed outcomes.
Crypto was hit by a sell-off after the consumer price index data on Oct. 10 came out higher than expected on all fronts. However cooler-than-expected producer price index data on Friday prompted crypto markets to reverse the earlier losses, writes Simon Peters, cryptoasset market analyst at eToro.
Stocks also benefited from the data, with the Dow and S&P 500 indices seeing new all-time highs.
After dropping to as low as $59,000 on Thursday, bitcoin is currently trading at $65,800.
The CME FedWatch tool currently suggests a near 87% probability of the Federal Reserve reducing the fed funds rate by 25 basis points at the upcoming November meeting. No doubt though policymakers will be keeping a close eye on further economic data until then, which could change the course of potential rate cuts.
LAST WEEK’S MOVERS
Sui was one of the biggest movers last week, gaining 25%.
Sui is a layer-one blockchain specifically designed for high-performance and scalable applications.
It has gained 350% since its lows of August, and has seen an increase in user activity due to memecoins and the USDC stablecoin being recently supported on the Sui mainnet.
EYE-CATCHING STORIES
Mt.Gox delays repayment deadline to October 2025
The Mt.Gox rehabilitation team shared in a notice last Thursday that the deadline for repayments to many rehabilitation creditors has been extended by another year, from 31st October 2024 to 31st October 2025, allowing more time for unresolved rehabilitation claims amid ongoing bankruptcy proceedings.
This could be seen as bullish for the bitcoin price, as billions of dollars worth of bitcoin (and potential sell pressure on crypto markets) which was due to return to creditors by the end of this month now may not be returning to these creditors until next year.
According to on-chain analytics platform Arkham Intelligence, Mt.Gox associated addresses currently hold 44,905 bitcoin, around $2.82 billion at current market prices.
Tron founder Justin Sun elected Prime Minister of Liberland micronation
Tron founder Justin Sun has been elected as Prime Minister of Liberland, a 7 km2 micronation located between Croatia and Serbia on an uninhabited stretch of floodplain on the banks of the Danube river.
The parcel of land, around the same size as Gibraltar, came into existence due to a border dispute between Croatia and Serbia, with both countries claiming the land belongs to the other following meandering and engineering works which altered the course of the Danube river.
Liberland was established in 2015 by Czech politician Vit Jedlička with a vision of creating a truly libertarian society, and whose entire governance and legislation is managed on-chain.
According to its website, Liberland enables its citizens and E-Residents to start businesses under Liberland law and the jurisdiction of Liberland courts complete with insurance, enforcement of smart and traditional contracts, and the ability to participate in direct democracy from anywhere in the world with an internet connection. Furthermore, the Liberland Blockchain uses a nominated proof-of-stake consensus mechanism, which makes it environmentally friendly to operate.
Liberland has approximately 1000 citizens, more than 4000 E-Residents, and over 700,000 applicants for citizenship.
Metaplanet buys another 108.999 bitcoin
Japanese publicly listed company Metaplanet purchased another 108.999 bitcoin last week, approximately ¥1 billion yen ($6.7 million).
The latest acquisition now takes their total holdings to 748.502 bitcoin ($46.9 million US dollars).
Metaplanet has been ramping up its purchasing of bitcoin recently, as well as selling out options to earn bitcoin as premium income earlier in the month.
Crypto markets rebound following better than expected inflation data as focus turns to Fed
