After the US CPI data report revealed rising inflation levels, the crypto market dipped by a small margin but recovered to witness Bitcoin’s all-time high.
Bitcoin’s all-time high trading levels have reached a new mark of $73,000. It came after a day of high volatility on March 12, when Bitcoin also went through a mini dip. It occurred after the US CPI data report indicated higher inflation. BTC lost as much as 6% during the decline and bottomed at approximately $69,000. It again started picking up in the late hours of the same day.
A press release regarding the US CPI data report said, “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in February on a seasonally adjusted basis, after rising 0.3 percent in January, the U.S. Bureau of Labor Statistics reported today.”
Historically, the crypto market has been affected by inflation reports, which act as a macroeconomic trigger. However, the ongoing bullish sentiments in the market likely arrested
BTC’s dip this time and reversed it. A probable interest rate in the US in 2024 could thus be a positive factor for a rally. It is unlikely in the next few months, but the Fed could favor it if inflation stabilizes.
BTC/USD 1D price chart
Bitcoin is currently trading at around $73,000 on March 13, 2024, with BTC/USD trading higher by a margin of 2.4% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.44 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (60,329.76), as BTC’s 24-hour volume increased and was at around $63 billion. The global crypto market cap increased by around 2.9%, trading above $2.77 trillion. BTC’s year-to-date returns are at 73.62%.
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