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According to a report, Bitcoin (BTC) surged to its highest price in a week to recover from its market correction this year. Sparingly, traders had a strong expectation for this phenomenon to push BTC price from the $4k level, but it seems the crypto couldn’t survive.
At press time, Bitcoin price is at $43,726.93 with a 24-hour trading volume of $60.29 billion on CoinMarketCap. It has a threshold value of over $826 billion as its market capitalization.
Nonetheless, regardless of Bitcoin’s slow growth this time, this statistic still makes it the first largest crypto in the world. Ironically, the post attributed the BTC slight surge to the US Labor Department report on Consumer Price Index.
Reportedly, there is a rumor speculating that the crypto price will soon rise to make the market enter a bullish mode in the coming days. When this happens, the Federal Reserve may be pressured to tighten its monetary conditions according to the report. Additionally, investors somewhat see Bitcoin as an instrument that hedges against inflation. Quantum Economics Co-Founder, Mati Greenspan said,
The market reaction to this new data might be a bit confusing as we see the crypto markets taking a victory lap. This time however investors seem a lot more relaxed about the Fed.
Furthermore, apart from Bitcoin, Near Protocol’s NEAR token also increased. Even more, the tokens showcase uptrend symptoms that it’s ready to go bullish in the market.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.