Analysts stated that whether the positive winds in cryptocurrencies will continue to blow will be determined by the December inflation data to be announced in the USA today. In November, annual inflation was announced as 7.1 percent. The market expects inflation to fall to 6.5 percent in December.
Since US inflation is the determinant in the Fed’s interest rate decision, it is followed with great care by the markets. While the Fed was raising interest rates by 50 basis points in December, it is expected to increase by 25 basis points on February 1st. Higher or lower than expected inflation may lead to changes in market pricing.
While the general positive mood continued in the crypto money markets, which had been rising for 8 days, the announcement that as a result of the examination of the accounts of the bankrupt FTX, $5 billion in assets that could cover the losses of the customers, also contributed to the rise.
As of this morning, all of the cryptocurrencies in the top 100 in terms of market capitalization recorded a daily rise as of this morning, while one of the most remarkable movements was experienced in Avalanche (AVAX). AVAX rose 28 percent on the daily to over $16.
The announcement that Ava Labs, the developer of AVAX, would cooperate with Amazon Web Services (AWS) was effective in this rise. Ava Labs will work with AWS on scaling blockchain solutions for companies and governments.
With the recent rises, Bitcoin has earned its investors 8.2% in the last week, while Ethereum has gained 11.5% in the last week.
Days after Bitcoin surpassed $17,000, it broke another critical level. The world’s largest cryptocurrency, which has risen 5.3 percent in the last 24 hours, has seen $ 19,000 for the first time since November 8.