Crypto Markets Stabilize on Hopes for Muted Impact From FTX Rout
- Bitcoin pared declines on Thursday; Ether also climbed
- Data showing inflation cooling boosted crypto, broader markets
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Cryptocurrencies stabilized after Wednesday’s plunge, regaining some of the losses fueled by Binance Holding Ltd.’s withdrawal of its offer to buy FTX.com.
Bitcoin rose as much as 14% to around $17,904, paring declines as data on Thursday showed US inflation cooled in October by more than forecast. The largest token by market value had already clawed back some of those losses before CPI data came out. It had dropped as low as $15,574 on Wednesday, to a level unseen since November 2020.