The largest cryptocurrency by market capitalization was recently trading over $22,200, a more than 3% gain during the past 24 hours. BTC had been lingering below $22,000 for the previous five days amid growing investor concerns about stablecoin regulation and U.S. central bank inflation-fighting measures.
January’s CPI rose 0.5% versus 0.1% a month earlier, in line with economist forecasts. But on a year-over-year basis inflation ran hotter than hoped, arriving at 6.4% pace versus 6.5% in December and against predictions for 6.2%. Year-over-year core CPI – which strips away more volatile food and energy costs – was faster than forecast at 5.6% versus 5.5% expected and down from 5.7% a month earlier.
The data suggested that the Federal Reserve would remain hawkish with more interest rate hikes in the offing at upcoming Federal Open Market Committee meetings. TheInvestor reaction fluctuated significantly in the immediate aftermath of the CPI release with bitcoin initially dropping on the news and quickly surging by $700 to trade as high as $22,300 before retreating slightly to its current level.
“The market might be pricing in a little more Fed tightening but that isn’t weighing that much on cryptos today,” Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in a Tuesday note. “Regulation and contagion risks have pressured Bitcoin this month, so the downward move was potentially exhausted.”
_jocelynyang_ Who cares anymore about CPI, Nasdaq, S&P, interest rates, FOMC, CBs.. BITCOIN SHALL FOLLOW ITS PATH regardless. Enough of all those lies and manipulated numbers. Enough Enough ….
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