Crypto is Surging as US Inflation Falls to Lowest Level in More Than a Year
January 12, 2023
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Bitcoin, the world’s largest cryptocurrency by market capitalization, today surged above $19,000 for the first time since the FTX collapse.
The sharp upswing comes after news broke today that annual US inflation fell in December to its lowest level in more than a year, in a further sign that price pressures have peaked amid the Federal Reserve’s historic campaign to tighten monetary policy.
Data released on Thursday showed that U.S. inflation had accelerated 6.5% on an annual basis in December, in line with economists’ expectations and cooling from 7.1% in November.
Bitcoin is currently up 11.69% week-on-week, Ethereum is up 13.59% week-on-week, and Litecoin continues its halving-date fuelled run, up 14.10% week-on-week. A surprise addition to the latest surge is Bitcoin Cash which is now up 18.17% week-on-week.
Bitcoin has been rallying strongly alongside the stock market over the past week. Since the latest U.S. jobs report, markets have been buoyed by optimism that the Federal Reserve could temper its inflation-fighting interest-rate hikes.
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