BTC Pulls Back After Reaching $26K, Take a Chance to Stake Higher?


 "Finally BTC can break through $25,000 after so long investors have been waiting."

The price of the mother of all cryptocurrencies Bitcoin (BTC) managed to break above $26,000 for the first time in nine months after the reaction to the release of the United States (US) Consumer Price Index (CPI) data for February saw the inflation rate fall to 6% compared to January's 6.4%.

However, the price of BTC is found to have made a slight decrease when it is now at the level of $24,898 with a market capitalization of $482 billion.

Even so, research analyst at crypto data company Kaiko, Riyad Carey sees the decline as a sign for the price of BTC to soar higher.

Carey also said the entire market was still illiquid and increasingly nervous following news reports that a Russian fighter jet had collided with a US Air Force drone over the Black Sea yesterday.

In general, the price of BTC also managed to climb this week as the US banking and financial regulator decided to protect the depositors of the collapsed Silicon Valley Bank (SVB) and Signature Bank.

It is understood that investors hope that the action can reverse the hawkish stance of the US central bank which has been the cause of triggering the banking crisis.

BTC is currently trading as an alternative currency to risk assets following expectations of the Federal Reserve (Fed) to ease policy, remaining strong in the crypto community, commented Greg Magadini, director of derivatives at crypto analytics company Amberdata.

Meanwhile, Ethereum (ETH) rose by 2.20% at the level of 41,713 in the last 24 hours while Ripple (XRP) gained around 0.87% reaching the price zone of $0.37.