Photo by Viktor Forgacs via Unsplash
Bitcoin hits its highest in nine months, surpassing $26,000 driven by a positive reading in the consumer price index (CPI) and hopes of a slowdown in interest rate hikes.
The 0.4% increase in the CPI and the 6% annual inflation rate in the US were considered positive by investors in the cryptocurrency market, and could signify a possible slowdown of interest rate hikes in the US.
Bitcoin’s rally comes amid the backdrop of US bank failures, with the sudden closure of Silicon Valley Bank highlighting the reason why Bitcoin was created – to offer people around the world an alternative to banking.
At press time, Bitcoin is worth $26,000, up 8.5% over the past 24 hours. BTC’s rapid rise triggered $320 million in liquidations in the last 24 hours, with the majority of liquidations coming from shorts (positions betting against bitcoin).
