Mooners and Shakers: Hot US inflation data see Bitcoin and crypto dump, then pump. continue, then

So the US CPI inflation data came in and it was a little hot. Bitcoin, cryptocurrencies and the stock markets were boarded as a group and flown first class to a tropical resort for an essential oil massage, all in the space of a couple of hours.

As it was then, because if you’re just going through your portfolio since around this time yesterday, you’d be forgiven for thinking not much has happened.

Here’s what happened to the US Consumer Price Index data, though, if you’re interested in that stuff. The inflation figure was widely expected to come in at 8.1%. It was 8.2%. The “core” CPI figure (which removes food and energy from the equation) was also slightly higher than expected.

Yesterday, US cryptocurrency financial analyst Justin Bennett hinted that we could see “both-way volatility” based on the CPI reading. He was correct.

Is “Uptober” still on? That narrative didn’t look so good a short time ago when Bitcoin was languishing around US$18k.

But some of the analytical crypto minds we regularly follow now sound a bit more optimistic. Michaël van de Poppe is apparently using his ears here to plumb the ceiling on inflation.

While the analysis tweeted by Bennett still indicates possible rallies for Bitcoin (and Ethereum, see below) ahead of the Fed’s next rate hike meeting on Nov 2. And that, by the way, has every chance of being another hurdle or headwind for risk markets, given the fresh CPI reading.

In some general daily crypto price action.

Top 10 Summary

With the total crypto market capitalization at $966 billion US, a fraction of a percentage point notably higher than yesterday, this is the current state of the top 10 tokens, according to CoinGecko.

These are strange times for stocks and cryptocurrency price activity right now. Big adoption news (Google, BNY Mellon and more) could have moved prices considerably this time last year. Now… crickets.

That said, perhaps the bad news (CPI data and probably more Fed hawks) is not having the total portfolio destruction effects that might also be expected at this point. Grain of salt warning: That could very well change with a hive mind-like shift in Crypto Twitter sentiment, although it has been pretty scary for a long time.

Stimulants and tranquilizers: 11–100

Sweeping a market cap range from around US$7.1 billion to around US$381 million across the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com).

DAILY PUMPERS

TerraClassicUSD (USTC), (market capitalization: US$509 million) +18%

Ethereum Name Service (ENS), (mc: US$500 million) +13%

Arweave (AR), (mc: US$495 million) +10%

synthetic (SNX), (mc: US$531 million) +7%

Basic care file (BAT), (mc: US$447 million) +5%

evmos (EVMOS), (mc: US$485 million) +5%

DAILY SLUMPERS

Klaytn (KLAY), (market capitalization: US$474 million) -7%

EthereumPoW (ETHW), (mc: US$787 million) -6%

Land (LUNA), (mc: US$441 million) -6%

Elrond (EGLD), (mc: US$1.26 billion) -4%

axie infinity (AXS), (mc: US$1.15 billion) -3%

ApeCoin (APE), (mc: US$1,440 million) -3%

around the blocks

A selection of randomness and relevance that stuck with us on our morning moves through the Crypto Twitterverse…

There are some bullish voices today based on the honey badger-like qualities that Bitcoin has displayed in the face of a poor inflation data reading. And not to rain too much on that parade, just a reminder here about who’s lurking around the corner. Spoiler alert: it’s Fed chief Jerome Powell.

In crypto gaming news, Illuvium (ILV), one of the most promising and hyped GameFi projects in development, has just landed a listing on major exchange Coinbase. And yes, that has pushed the price up a bit, but this is a bear market, so it’s tricky. Still, it’s great news for the Ethereum/IMX-based gaming protocol.

Illuvium co-founder Kieran Warwick was recently interviewed by the NFT gaming platform and Balthazar guild: “We have a 10, 15, 20 year vision here. And if we can pull it off, we will change gaming forever,” he enthused.

Meanwhile, at the currently ongoing Bitcoin Amsterdam conference…

And apropos of nothing: frozen pizza, anyone?

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