BTC Accelerates After Bank Hospitality And Trades Above $25K
Bitcoin Price: BTC Accelerates After Bank Hospitality and Trades Above $25K
Bitcoin (BTC) continues to rise after the U.S. creditors of Silicon Valley Bank (SVB). The leading cryptocurrency jumped again by 8% and in the last hours hit new year highs above USD 26,000, although it quickly corrected. By the end of this note, the price of BTC is USD 25,965.
In the middle of the rally of the entire crypto market after the bitter fall of the last weekend, the new inflation data of the United States seems to have given a new impetus. The Department of Labor released the latest data from the Consumer Price Index (CPI) for February 2023, which showed a rise of 0.4%. In this way, inflation was 6% last year.
Ecosystem analysts point out that inflationary growth in the middle of the banking crisis in the American financial institutions exposes the power, which will attract more investors to alternative markets.
“Inflation data tells H to increase interest rates, but a banking crisis tells H to print interest rates and money. A loss of mission for the US economy”, explained popular crypto analyst Antonio Pompliano in social networks.
“Bitcoin continues to accelerate in response to high inflation, the legacy of the banking crisis, and the lack of predictability in the Fed’s response,” Pomp added.
AltCoin market
The rest of the crypto market also had a green day. Ether (ETH), the leading altcoin, rose more than 5% in the last 24 hours and once again broke above $1,770. Solana (SOL) has broken into the same line and is trading just below $22.
Litecoin (LTC) stood out with a 7% jump that catapulted it to $87, while Cardano (ADA) and Dogecoin (DOGE) rose 4% to $0.36 and $0.07 respectively. Finally, Binance coin (BNB) and XRP are up 2% and are trading at $318 and $0.38.
