BTC Recovers to $18K, Band Protocol Gains 60%; MATIC, MASK, Render Token, Dogelon Mars, Aptos, CHZ Rise More Than 30%

After the CPI report for October suggested that U.S. inflation may finally be beginning to slow down, cryptocurrencies rose on Thursday. According to the Bureau of Labor Statistics most recent data, the consumer price index increased 7.7% during the previous 12 months. Even though it is significantly above the Federal Reserve’s 2% inflation objective, the rate is still down from September’s 8.2%.

The price of Bitcoin has risen by almost 12% since the report’s publication, reaching intraday highs of $18,150. The second-largest cryptocurrency by market cap, Ethereum, experienced a greater increase, surging over 18% and presently trading for $1,330.

Today saw gains for other altcoins as well. Polygon (MATIC) is up a whopping 43% in the past 24 hours while XRP, Cardano, and Dogecoin have increased in price by over 18%, 16%, and 21%, respectively.

Solana has also made a comeback. After suffering additional losses this week due to FTX’s liquidity crisis, SOL is up 40%. Solana has close ties to FTX and Bankman-Fried, who, through his trading desk Alameda Research, made a number of investments in the blockchain network. Several altcoins are posting double-digit gains. Shiba Inu is up 18%, and Dog token Dogelon Mars (ELON) is up over 36%.

Several tokens, including Chiliz, MASK, Maker Dao, Render token, Dogelon Mars, and Aptos was up more than 30%. Chainlink alternative, Band Protocol is up a whopping 60%.

Polygon (MATIC) is up a whopping 42% and has since entered the top ten cryptocurrencies in terms of market capitalization.

FTX Resumes Withdrawals

According to Bloomberg, embattled crypto exchange, FTX.com resumed withdrawals on the platform, according to blockchain data, after suspending such activities on Tuesday because of “liquidity crunches,” cited by its CEO Sam Bankman-Fried (SBF).

The resumed activities bring renewed hope for frustrated traders and investors whose assets were stuck after SBF shocked the crypto industry on Tuesday after he stated that he was in negotiation with rival Binance to sell FTX. Sequoia Capital wrote down the full value of its $214 million investment in FTX. A smaller venture fund, Multicoin Capital, was also impacted.

FTX has also made an announcement regarding the Tron Credit Facilitystating that it has reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.

Band Protocol Gains 60%

Band protocol is up a whopping 60% in the last 24 hours. The reason for the sharp increase remains unknown except for the announcement of an upgrade in the past week.

Since the launch of Laozi-testnet-6 last week, which has enabled the latest IBC version, Band protocol has announced it is ready for the next BandChain 2.4 upgrade. The significant latest upgrade hopes to impose fundamental changes to multiple things, one of which is how gas is calculated on the BandChain.

This is also expected to result in an improved user experience as well as faster throughput on the network.

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