Bitcoin Reclaims $22k
By Laxmikant Khanvilkar
Virtual digital assets (VDA) or cryptocurrencies made a wild swings before regaining lost posture in the aftermath of the U.S. Consumer Price Index (CPI) that was largely in line with the expectations.
Most financial markets rebounded after an initial jerk. Bitcoin prices moved $700 of either side before gaining strong foothold above $22,200 mark. It was last trading at $22,150, up 1.7%. Ether (ETH), the second-largest cryptocurrency in market value, surged nearly 5% from Monday, to trade above $1,550, regaining losses from recent days.
January’s CPI rose 0.5% versus 0.1% a month earlier, in line with economist forecasts.
However, the January’s CPI rose 0.5% versus 0.1% a month earlier, in line with economist forecasts.
Experts believe that the market might be pricing in a little more Fed tightening but that isn’t weighing that much on cryptos today.
Some have cautioned about gains posted after the CPI-data release may dissipate by the end of this week.
The crypto market cap has grown by 2.29% in the last 24 hours, and now stands at $1.03 tn. Over the same period, the total crypto market volume has declined by 2.81%, to $57.56 bn. DeFi accounts for 9.38% of this volume, while stablecoins make up 95.23%. Bitcoin’s dominance has dropped by 0.17%, bringing it to 41.63%.
Meanwhile, investor concerns about stablecoin regulation and U.S. central bank inflation-fighting measures will continue to grow for the lack of clarity.
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