Crypto exchange FTX got court approval to sell part of its $3.4 billion digital asset holdings.
near 10% on the news that messaging app Telegram endorsed the TON network as its blockchain Web3 infrastructure with plans to integrate it into the app. TON has retraced most of the move but was recently still up 1.7%.The U.S. government's Consumer Price Index report for August also came out Wednesday, and the data was. The report showed headline inflation rose to 3.7% on a year-over-year basis from 3.2% a month earlier. That jump was greater than economist forecasts for 3.6%.
Stripping out food and energy costs, core CPI fell to a 4.3% in August from 4.7% in July and in line with expectations.It's been nearly one month since bitcoin suffered a dramatic decline, falling from about the $29,000 level to below $26,000 in just a handful of hours. The action of traders"selling the rip and buying the dip" has become so entrenched over the past several months that it's hard to imagine any marginal economic news affecting this dynamic. While bulls hope the U.S. Federal Reserve might soon begin cutting interest rates, the economy continues to grow and inflation appears to be settling in for a long period above the central bank's 2% target.
"Bitcoin’s technicals are sliding. Price is trading around support at $26,000, but I doubt it is a hard floor," Charlie Morris, chief investment officer at ByteTree Asset Management, wrote in a Wednesday market update.
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