Bitcoin (BTC), the world’s largest digital asset price jumped by a whopping 18% over the past 24 hours to break the $26k price level. This spike comes after the February inflations look to cool down. However, the Inflation rate rose in February but line with expectations.
CPI Comes Inline; Bitcoin Breaks $26K
As per reports, the Consumer Price Index (CPI) surged by 0.4% for the month keeping the annual inflation rate at 6%. This provides key input into whether the Federal Reserve will continue to raise interest rates. However, the latest data came in exactly what Dow Jones estimated.
The core CPI rate surged by 0.5% for the month of February to stand at 5.5% on 12 monthly basis. Meanwhile, its monthly reading was recorded as slightly higher than the 0.4% expected to raise.
Crytpo market respond positively as the Bticoin broke the crucial $26K price level. Bitcoin is trading at an average price of $26,434, at the press time. BTC 24 hour trading volume spiked by 30% to stand at $53 billion. Read More Crypto News Here…
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Ethereum price jumped by 10% amid the recent CPI release. ETH is trading at an average price of $1,762, at the press time. However, the cumulative crypto market cap is up by 12% to stand at $1.14 trillion.
After the release of the latest CPI Inflation data, markets expect the Fed to approve another 0.25% surge in its expected funds’ rate. Reports suggest that traders are now pricing in about 85% of change the Fed will raise the rate by a quarter point.
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