Despite a Market Sell-off, Payment-focused Cryptocurrencies Rally.

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XRP, the token closely associated with Ripple Labs, and MKR, the lending platform Maker, are the only payment-focused cryptocurrencies that are on the rise in “Uptober”; a month that has historically been favorable for digital assets.

The Personal Consumption Expenditures Index, the Fed’s preferred inflation gauge, increased 6. 2% during the year to August compared to 6. 3% during the year to July, according to the data in public.

Only a 0.2% monthly growth in August was what economists had predicted. The Fed has raised interest rates by 300 points this year from a base of just 25 points in February in an effort to fight inflation.

The Fed recently issued a warning that it would continue to raise interest rates.

Nairametrics.

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