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

Bitcoin Cash BCH/USD , Ethereum ClassicETC/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 aretrading 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 sawmarked volatility during Wednesday's sessionfollowing a CoinDesk report suggesting Binance isscrappingthe 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 itsproposed acquisition of struggling rival FTX.

What Happened With CPI Data?

The headline CPI rose 7.7% in October, downfrom 8.2% in September, according todatafrom the U.S. Bureau of Labor Statistics.

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

Thursday's highly anticipated CPI inflation reading comes a weekafter the Federal Reserve raised its benchmark rateby 0.75% for the fourthstraight timein a continued fight against historically highinflation…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