Recently the market faced a series of Bitcoin (BTC) price falls following the issue of sanctions from the Kazakh government then followed by expectations that the Fed will raise interest rates gradually in the near future. Meanwhile, the BTC price has fallen by almost 40% since the price level reached last November.
Yet these few days we see the situation starting to change as no clear assertion from Jerome Powell’s statement on interest rates and U.S. inflation readings in December continues to grow high. The BTC price started to rise from the $ 39,000 price level to the current price level of $ 44,000.
Bitcoin has tried to reclaim the $ 44,000 price level but still failed and is below the trading level so far. Waima so, most other crypto assets have started to post significant gains, coupled with two major crypto memes topping the charts. Dogecoin and Shiba Inu are both up around 13% on a daily scale.
Yesterday’s Inflation data has been one of the main catalysts driving the market. Within hours of the report being released, BTC managed to post a profit of $ 2000. The BTC continued to head upwards and even reached the $ 44,000 level after the US announced the highest inflation rate figure in 40 years. This surge has brought about optimism among some market players.
However, the crypto asset failed to stay above the barrier level and is currently trading at the $ 43,788.16 price level. Altcoin also fell sharply last week mostly in a favorable position. Ethereum slipped below $ 3,000 on Monday but responded well and began to recover value almost immediately.
To date, the second -largest cryptocurrency is above $ 3,350 after another 3% gain since yesterday. Binance Coin has added the same percentage and is above the price level of $ 480. Memecoin which is the favorite of market players namely Dogecoin and Shiba Inu have each gained 13%.
Despite all this, there are a handful of market players who are starting to take a cautious stance as the Chinese new year holiday is only a few weeks away. Today, the total value of the crypto market has exceeded $ 1.850 trillion.
