Bitcoin rebounds above $17,000

Bitcoin rises above $17,000, while other cryptocurrencies also rebound after lower-than-expected inflation numbers in the US. This could be a factor that leads the Federal Reserve (Fed) to slow down rate hikes.

This morning, the Bitcoin price rose 6.88% to $17,275.40.

Investors expect the Fed to raise interest rates by just 0.50% at its December monetary policy meeting after the U.S. consumer price index (CPI) showed signs of slowing.

Previously, Bitcoin and cryptocurrencies slumped after concerns over the liquidity meltdown of FTX, a trading platform for cryptocurrencies.

FTX’s founder told employees in a message that he is considering all options for the company after Binance announced its withdrawal from the FTX acquisition deal.

The CEO of Binance, the world’s largest cryptocurrency exchange, announced that the company is canceling its acquisition of FTX, just one day after the company entered into a non-binding and voluntary agreement to acquire FTX on the condition that Binance will review FTX’s business, and the company reserves the right to withdraw from the agreement.

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