Crypto Surges and Meme Coins Rally Despite Hot PPI Print
Crypto bounces strongly despite hot PPI print
Data from Cointelegraph Markets Pro and TradingView showed new local highs of $61,476 on Bitstamp.
The latest US macro data print in the form of the Producer Price Index (PPI) exceeded estimates across the board, coming in at 1.8% versus the expected 1.6%.
“The index for final demand for less foods, energy, and trade services inched up 0.1 percent in September after rising 0.2 percent in August,” an official press release from the Bureau of Labor Statistics (BLS) stated.
“For the 12 months ended in September, prices for final demand for less food, energy, and trade services increased 3.2 percent.”
Dubai Ranks as Top Crypto Hub, Followed by Switzerland and South Korea in 2024
Dubai, Switzerland, and South Korea are emerging as global leaders in the cryptocurrency industry, setting a new benchmark with their blend of regulatory clarity, favorable tax policies, and robust market infrastructure. These nations are becoming magnets for crypto firms while shaping the future of digital assets.
Dubai ranks first with a score of 79 out of 100, largely due to its forward-thinking regulatory environment and strong support for blockchain ventures. The Dubai Multi Commodities Centre (DMCC) plays a pivotal role, offering a dedicated crypto hub and a platform for blockchain startups. Oversight from the Virtual Asset Regulatory Authority (VARA) and the Dubai Financial Services Authority (DFSA) further bolsters the emirate’s position.
Switzerland takes second place, boasting over 900 crypto companies and a score of around 75.
A recent Social Capital Markets report identifies these three countries as the world's leading crypto hubs, based on factors such as legal transparency, tax frameworks, crypto adoption rates, and the number of registered firms, highlighting their critical role in advancing the digital economy.
SUI hits ATH, becomes 17th biggest crypto coin
$SUI has overtaken $NEAR in market rankings, now positioning itself just behind $DOT. This latest shift highlights $SUI’s growing momentum within the crypto space as it closes in on one of the key players in the blockchain ecosystem. All eyes are now on $SUI as it narrows the gap with Polkadot, signaling a potentially significant shakeup in the market hierarchy.
Many other Murad memecoins hit ATH
The Murad memes are dominating once again as meme coins see a major rally. POPCAT has surged to an impressive $1.5 billion, while SPX skyrocketed 50%, reaching $800 million. MOG has also bounced back, climbing over $700 million.
Meanwhile, mid-tier meme coins are experiencing gains of 15-30%, marking a strong start to the weekend in the meme coin market.
That’s all for today. Top Gainers: WBT, NEIRO, ENA, POPCAT, SEI, AVAX
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