Bitcoin Moves Closer To $19,000 As The Recession Fear Fades

Key Points:

• Bitcoin enthusiasts continue to celebrate the 14th anniversary of the genesis block.
• BTC began trading in 2023 at roughly $16,550, and recent changes in the larger financial market appear to have positively impacted the price as recessionary worries start to subside with the release of the Federal Reserve’s December Consumer Price Index (CPI) data.
• Other cryptocurrencies have benefited from easing recession fears. Ethereum, the leading proof-of-stake blockchain, was up 6.2% on Thursday and was trading at $1,425.27. However, it ended the day down 0.2%, trading at $1408.40.

The price of the top cryptocurrency, bitcoin (BTC), surged to about $19,000 per coin on Thursday, according to CoinCu, a level not seen since September 7, 2022, when BTC traded at $19,280 per coin. As bitcoin enthusiasts continue to celebrate the 14th anniversary of the genesis block.

The whole market capitalization of the cryptocurrency industry is $943 million, up 5.1% over the previous day.

BTC began trading in 2023 at roughly $16,550, and recent changes in the larger financial market appear to have positively impacted the price as recessionary worries start to subside with the release of the Federal Reserve’s December Consumer Price Index (CPI) data.

The CPI report is a crucial tool for determining inflation since it tracks the rate of change in the cost of different products and services in the US.

While a more optimistic economic outlook is probably causing Bitcoin to be trending upward, some also refer to El Salvador’s recent steps to establish regulations governing digital assets and pave the way for its ‘Volcano Bond’. These Bitcoin-backed notes would be used by the Latin American nation to settle its obligations and finance its upcoming Bitcoin City.

As a severe crypto winter started to develop in March 2022 and numerous well-known companies, including TerraLuna, Celsius, Voyager Digital, and FTX, collapsed, El Salvador decided to put the bonds on hold.

Other cryptocurrencies have benefited from easing recession fears. Ethereum, the leading proof-of-stake blockchain, was up 6.2% on Thursday and was trading at $1,425.27. However, it ended the day down 0.2%, trading at $1408.40.

The industry is still suffering from the effects of the crypto winter, but there may be hope for a warming future.

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

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