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 <p class="is-style-lead">The global crypto market cap is rising despite the US Consumer Price Index (CPI) coming higher than expected and FTX’s <a rel="dofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a> approval.</p> 
 <p>According to a report by CNN, data from the US Bureau of Labor Statistics shows the CPI, used to measure inflation in the country, registered a 0.6% hike in August 2023, up by 3.7% from a year earlier.</p> 
 <p>The report notes that a 3.6% incline was expected, but the US Federal Reserve (FED) is unlikely to go for another aggressive rate hike.</p> 
 <p>Another event expected to take the crypto market down was the approval of FTX’s <a rel="dofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a>. The US Delaware District Judge John Dorsey authorized the bankrupt exchange’s plan to liquidate roughly $3.4 billion in digital assets.&nbsp;</p> 
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 <p>However, to prevent a market-wide bloodbath, the sales limit is set to $100 million per week for FTX’s top crypto holdings. It’s important to note that DWF Labs and Justin Sun are reportedly considering purchasing FTX’s digital assets.&nbsp;</p> 
 <p>According to data provided by CoinMarketCap (CMC), the global crypto market capitalization rose by 1.2% in the past 24 hours — rising from $1.031 trillion to $1.05 trillion at the time of writing. This indicates a $12 billion hike despite the two bearish events on Sept. 13.</p> 
 <figure class="wp-block-image size-full">
  <img decoding="async" width="2822" height="626" src="https://cdn.thebittimes.com/images/2023/09/14/4b8c496e73c533fe885d86b0d1e5107b.webp" alt="Crypto rally triggered despite FTX’s liquidation and US CPI hike - 1" class="wp-image-14194665">
  <figcaption class="wp-element-caption">
   Crypto market cap on Sept. 14 | Source: CoinMarketCap
  </figcaption>
 </figure> 
 <p>On the other hand, the global crypto trading volume has declined by 5.5% over the past day, falling to $29.2 billion.&nbsp;</p> 
 <p>The market-wide <a rel="dofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> came while an opposite reaction was expected towards the FTX <a rel="dofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a> and the unexpected CPI data — with analysts predicting a short-term price squeeze for the flagship cryptocurrency, Bitcoin (BTC).</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/crypto-rally-triggered-despite-ftx-s-liquidation-and-us-cpi-hike-tbt62698.html">https://thebittimes.com/crypto-rally-triggered-despite-ftx-s-liquidation-and-us-cpi-hike-tbt62698.html</a></p>

Crypto rally triggered despite FTX’s liquidation and US CPI hike

TheBitTimes

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