The trading prices of cryptocurrencies have started to show a recovery today. However, the cryptocurrency industry is eager to know exactly how long would the recovery last.
The main question of the day is whether the future of FTX is secure or whether it will end in the upcoming days.
FTX is not Giving Up
It seems that while the cryptocurrency industry and the FTX community are waiting for the worse, the FTX exchange has decided not to give up.
The exchange is reportedly in talks with a number of entities that it thinks would be able to help it get out of the troubling situation.
The recent events have indeed pushed the FTX exchanges closer to bankruptcy. However, the company is not ready to give up and it wants to come up with a solution so it does not end that way.
For now, the reports confirm that the FTX exchange officials are in talks with multiple potential investors. The main goal here is to find enough investments that may stop the FTX ship from sinking.
Fear Lingers of a Contagion
As the cryptocurrency industry has faced another drawback in the form of FTX, many fear that the matter would not end easily.
According to many market experts, there are high chances of the contagion spreading across the entire cryptocurrency industry like wildfire.
Slight Reprieve in Cryptocurrency Prices
The report shows that a slight reprieve could be witnessed in the trading prices of cryptocurrencies. They were able to gain momentum just as the consumer price index (CPI) was shared by the US Feds.
The inflation rates came out to be soft, which helped push the stock markets at a significant rate. According to the market data, the NASDAQ Composite experienced a 6% rise in the latest trading session.
As a result, the trading price of Bitcoin has also witnessed a recovery and it has surged by 1%. At the time of writing, the trading price of Bitcoin is worth $17,756.
US CPI Inflation
The recently shared data for the CPI shared by the US Feds looks very promising not just for the stock markets but for the cryptocurrency industry as well.
The inflation rates have started to decelerate in the US as they dropped from 8.2% in September to 7.7% in October.
This is a strong signal that with the inflation rates decelerating, investors would finally be able to invest more in cryptocurrencies.
This could eventually give cryptocurrencies the push they had been eager to see for a while. As more positive inflation rate keeps coming back, the situation of the crypto-verse would keep getting better.
