Cryptocurrencies rise as stocks tumble

Cryptocurrencies rise on the back of key inflation report

Cryptocurrencies are on the rise despite a stocks tumbling on Wednesday.

It follows a new inflation report which came in higher than expected.

But major cryptos are seemingly shrugging it off. The price of bitcoin was up 0.4% while ether was up 0.6%.

Investors seem to be betting that Thursday’s incoming inflation report will be more favourable.

The September producer price index, which is a gauge of final-demand wholesale prices, was higher than expected – impacting the markets.

The report indicates the Federal Reserve is likely to continue aggressively hiking rates, up until inflation starts to come down.

But many cryptocurrency investors are seemingly unfazed by the news, instead choosing to focus on Thursday’s consumer price index report.

This is widely considered to be a more accurate gauge of inflation.