Cryptocurrency prices on October 11: Bitcoin holds above $60,800; Solana and Cardano rise over 3%
Cryptocurrency markets edged higher on Friday, supported by expectations of a Federal Reserve interest rate cut next month, while traders awaited the U.S. Producer Price Index (PPI) report for more direction.
Data on Thursday showed that U.S. consumer prices rose slightly more than expected in September, while jobless claims increased to 258,000 in the week ended October 5, versus estimates of 230,000. All eyes are now on the PPI data due at 6:00 pm IST.
Markets currently see an 84.4% chance of a 25-basis-point rate reduction in November and a 15.6% probability of the Fed keeping rates on hold, according to CME's FedWatch.
As of 2:47 PM IST, Bitcoin was up 0.2%, trading at $60,898, while Ethereum gained 1.3% to $2,412.
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View Details»«Bitcoin is trading above $60,000 after dipping below $59,000 intra-day. While this suggests strong support at lower levels, a retest over the weekend is possible,» said Vikram Subburaj, CEO of Giottus.
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