Bitcoin Price Suddenly Spiked After Few Days CPI Announced

Bitcoin price suddenly crossed the $22,000 mark within the past few hours, currently trading around $22,200.

According to data from CoinCu, this is the highest trading threshold for Bitcoin within the past month. The rally expanded the cryptocurrency’s capitalization to $426 billion. However, Bitcoin’s value and capitalization have evaporated by about 70% compared to its all-time high.

The crypto market continues to recover, and in the past few days, the total capitalization has increased by $150 billion, now above $1 trillion.

Data from Coinglass reveals that the most significant single liquidation order took place on FTX, and it was an ETH perpetual contract with a par value of $2.83 million.

Notably, since the US announced the consumer price index (CPI) reached 9.1%, Bitcoin maintained an upward trend until reaching its current mark.

Recently, Russian President Vladimir Putin signed a law banning cryptocurrency payments nationwide. However, the movement of Bitcoin shows that the currency is not affected too much.

On the macro side, Bitcoin still faces another challenge, which is the upcoming Federal Open Market Committee (FOMC) interest rate hike. It is expected that US regulators will increase at least 0.75 percentage points.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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