The value of Bitcoin (BTC), the biggest cryptocurrency, increased by an astounding 18% during the previous 24 hours to surpass the $26,000 mark. This increase occurs after inflation rates seemed to be leveling off in February. Yet, February’s inflation increase was in keeping with market forecasts.
The annual inflation rate remained unchanged at 6%, as the Consumer Price Index (CPI) rose 0.4% month over month. This is a significant factor in determining the Federal Reserve’s next move on interest rate hikes.
The 12-month change in the core CPI rate was 0.5% higher in February, bringing it to 5.5%. In the meanwhile, the 0.4% monthly increase achieved was above forecasts.
As Bitcoin finally surpassed the critical $26,000 price milestone, the cryptocurrency market reacted warmly. The value of bitcoin reached $26,515 as per CMC. The total value of Bitcoin traded in 24 hours increased by 30% to $53.3 billion.
The latest CPI data coincided with a 10% price increase in Ethereum. At the time of writing, the price of Ethereum was $1,773. The total value of all crypto assets, however, has increased by 12% to $1.14 trillion.
Leave a Reply