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CPI Data Spikes BTC Price To A New ATH In 2023

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The crypto market is getting on a greener level with most digital assets climbing fiercely with little or no restriction.

The bulls are gradually taking an upper hand in the field as they pull prices of the major crypto tokens northward.

Bitcoin has indicated a new upward trend as the token scales above the $26k mark. The latest CPI data is playing a key role in the new surge in price as the report meets the expectations of many.

Invariably, the new value created room to soften the financial conditions of the Federal Reserve.

The United States Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) report for February 2023.

According to the report, the CPI data increased by 0.4% from that of January. The CPI data gave mixed inflation indications.

Following the release of the latest CPI data, the price of the primary crypto token has crossed the $26,000 mark.

Bitcoin Witnesses A Spike In Volatility And Price Performance

According to CoinMarketCap, Bitcoin has hit $26,514 as a 24-hour trading high, showing a rise of over 15% in its value over the past day.

Currently, BTC is trading at around $25, 914.25 with a market cap of over $498.26 billion. Its market dominance over altcoins is about 44.42%.

bitcoin price chart

Source: TradingView – BTC/USD Price Chart

Over the past few years, CPI data and other macroeconomic factors have been impacting the price of Bitcoin.

Before the release of the data, BTC has been hovering below the $25k region. But the CPI report supported the rise of Bitcoin across the $26,000 level as it hits a new all-time high (ATH) since June 2022.

Further, in its performance, the primary token crossed the key 200-period moving average resistance on weekly timeframes.

Also, the price of BTC is above the 200-day simple moving average (SMA) has been indicating BUY for BTC over the past 60 days.

The CPI data increased by 6% year-on-year but by 0.4% for the month-on-month comparison. This value corresponds with expectations.

For the core CPI, which excludes food and energy, the value dropped by 0.5% in February as it hit 5.5%.

With the latest data, the Federal Reserve will be bound to maintain softer management of financial conditions.

It won’t have to face severe inflation conditions nor hike interest rates amid the crisis within the banking sector.

Venturefounder, an analyst at CryptoQuant, a blockchain analytics platform, reacted to the new development.

According to his tweet, he believed the crypto market will witness a balance void of hikes on rates, noting its beneficial impact, especially on risk assets.

Further, the analyst stated that the Fed could even reduce rates by 50 BPS before the end of 2023.

For him, such a move will signify a great achievement for the market in fighting inflation.

Overall Spike In The Crypto Market

While Bitcoin is reclaiming its value, the altcoins are not left behind. According to data from CoinMarketCap, Ethereum, the second-largest crypto token by market cap, gained by over 5% within the past 24 hours.

Other gainers include Polkadot (DOT), BNB, Cardano (ADA), Polygon (MATIC), Dogecoin (DOGE),  Shiba Inu (SHIB), and others.

The assets reclaimed about 7.56%, 5.14%, 4.98%, 5.8%, and 5.64%, respectively, over the past 24 hours.

Following the massive reclaiming moves from most of the assets, the cumulative crypto market is currently at $1.13 trillion.

The value surged by over 5% within the past 24 hours.

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