Bitcoin grew by almost 6% in an hour due to the publication of US government data

An hour after the US inflation data was released, BTC $95,840.60 Bitcoin -0.94% Market capitalization $1.9 trillion VOL. 24 hours $2.39 billion rose by 5.9% - the inflation rate for October was 7.7%, up 0.4% for the month. This figure was unexpectedly positive, as analysts had expected 8%.

The data released by the US Bureau of Labor Statistics affected most of the cryptocurrencies in the top 20 ranking. Thus, ETH $3,332.55 Bridged Ether (StarkGate) -1.24% Market capitalization $0.3 billion VOL. 24 hours $1.44 billion rose in value by 7%, MATIC $0.48 Polygon 0.00% Market capitalization $0.93 billion VOL. 24 hours $0.00000000 - by 14.2%, and SOL $184.91 Solana -0.24% Market capitalization $88.63 billion VOL. 24 hours $0.72 billion grew by 11.5% and rose to 12th place in the ranking of tokens by capitalization.

The capitalization of the entire cryptocurrency market is currently $ 921 billion, up 1.7% - just a few hours ago, this figure was recorded at $ 829.10 billion. The digital asset sector is going through a difficult time: the value of almost all tokens has been affected by the lack of liquidity on the FTX exchange.

According to a team of JPMorgan financial experts led by strategist Nikolaos Panigirtzoglou, investors in the cryptocurrency market have only begun to realize «the gravity of the situation,» and events continue to develop «too rapidly.» Analysts have called the current crisis «another stage in the reduction of margin positions» — it could lead to an even greater drop in the main cryptocurrency. At the same time, Panigirtzoglou and his team consider the cost of break-even BTC mining to be the lower price of bitcoin.

«Currently, the cost of mining BTC is $ 15,000, but it is likely that bitcoin will reach the lowest levels of the summer period, when its rate was down to $ 13,000,» the analysts emphasized.