Why Bitcoin Cash, Ethereum Classic, Litecoin, Polygon (MATIC), Shiba Inu And Solana Are Soaring Higher Thursday

Bitcoin Cash BCH/USD, Ethereum Classic ETC/USD, Litecoin LTC/USD, Polygon MATIC/USD, Shiba Inu SHIB/USD and Solana SOL/USD all spiked higher on heavy volume during U.S. pre-market trading and are trading around session highs Thursday afternoon. Several cryptocurrencies are trading higher in sympathy with major U.S. indices following key U.S. economic data, which showed a slowdown in inflation and a rise in jobless claims. This has alleviated some concerns of high inflation and a tight labor market.

Crypto otherwise saw marked volatility during Wednesday's session following a CoinDesk report suggesting Binance is scrapping the FTX acquisition. Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly “very unlikely” to proceed with its proposed acquisition of struggling rival FTX.

What Happened With CPI Data?

The headline CPI rose 7.7% in October, down from 8.2% in September, according to data from the U.S. Bureau of Labor Statistics.

The October CPI reading came in below average economist estimates of 8%.

Thursday's highly anticipated CPI inflation reading comes a week after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time in a continued fight against historically high inflation...Read More

According to data from Benzinga Pro:

BCH is higher by 15.94% to $102.26

ETC is higher by 17.93% to $21.69

LTC is higher by 16.40% to $58.56

MATIC is higher by 31.26% to $1.12

SHIB is higher by 6.44% to the $0.000010-level