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BTC Rises to 20-Day Highs Above $24,000 Ahead of CPI Release: Market Watch
Today is shaping up to be another interesting day in the cryptocurrency industry as problems continue to persist for some banks in the US. Additionally, the US Bureau of Labor Statistics will release CPI numbers later today - an event typically associated with significant volatility. Let's dive in. Bitcoin price rises to a 20-day high The cryptocurrency industry has been booming since the US government made a joint commitment to bail out depositors at Silicon Valley Bank in the face of the Treasury, Federal Reserve and FDIC. The price of Bitcoin is currently trading above $24,000 after hitting a…
BTC Rises to 20-Day Highs Above $24,000 Ahead of CPI Release: Market Watch
Today is shaping up to be another interesting day in the cryptocurrency industry as problems continue to persist for some banks in the US.
Additionally, the US Bureau of Labor Statistics will release CPI numbers later today - an event typically associated with significant volatility. Let's dive in.
Bitcoin price rises to a 20-day high
The cryptocurrency industry has been booming since the US government made a joint commitment to bail out depositors at Silicon Valley Bank in the face of the Treasury, Federal Reserve and FDIC.
The price of Bitcoin is currently trading above $24,000, having reached a high of around $24,820 (on Binance) today. This marks a 20-day high.
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Also part of the increase is the fact that Binance has decided to convert about $1 billion (from their Industry Recovery Initiative) from BUSD into Bitcoin, Ethereum and Binance Coin.
However, with the CPI release later today, market volatility is expected to increase. It's also worth noting that following developments at SVB, Signature Bank and Silvergate Bank, many major institutions are pressuring the Federal Reserve not to raise interest rates during the FOMC meeting later in March. This has also put upward pressure on the market.
Altcoins painted green
Altcoins are also doing very well, although it is obvious that BTC has performed better than others. Ethereum has managed to tap $1,700 and it will be interesting to see if the cryptocurrency can overcome this important level.
At the same time, others like LTC and DOT are also recording significant gains. All in all – Bitcoin’s dominance has increased in the last few days. This is the metric that measures its capitalization relative to that of the rest of the market, and it indicates BTC's strength at the moment.
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The best performer among the top 100 coins in the last 24 hours is CFX – up a whopping 30%. WBT is also up about 17%, followed by OKB and RPL - both of which are up about 14% at the time of writing.
At the other end of the spectrum we have LEO, which did not gain and actually fell by around 5%.
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