• About
  • Premium Services
  • Newsletters
  • Advertise
  • Careers
Newsletter
CoinSharks
Advertisement
  • Bitcoin
  • Ethereum
  • Markets
  • Business
  • Regulation
  • Shark School
No Result
View All Result
  • Bitcoin
  • Ethereum
  • Markets
  • Business
  • Regulation
  • Shark School
No Result
View All Result
CoinSharks
No Result
View All Result
Home Bitcoin

Bitcoin Surpasses $26K

The Megalodon by The Megalodon
March 15, 2023
in Bitcoin
0
Bitcoin Surpasses $26K
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Bitcoin broke the $26,000 barrier for the first time in nine months after the latest CPI report by the Bureau of Labor Statistics showed that inflation remains a major concern in the US. The CPI, which tracks changes in prices across a wide range of goods and services, increased by 6.0% in the 12 months leading up to February, exceeding the Federal Reserve’s target of 2%.

Following this report, Bitcoin surged 5% to reach $26,295, while Ethereum climbed 4% to $1,778, according to CoinGecko. Other tokens like Dogecoin and Solana also rose, adding to gains made on Monday. Despite some signs of easing since it hit a 41-year high of 9.1% last June, inflation remains significantly higher than the Federal Reserve’s target of 2%.

Related articles

Hold On Tight! Bitcoin Proven Profitable in 88.5% of Trading Days

Hold On Tight! Bitcoin Proven Profitable in 88.5% of Trading Days

March 21, 2023
Australian Banks on High Alert: Regulator Demands Daily Reports on Cryptocurrency Amid SVB Contagion

Australian Banks on High Alert: Regulator Demands Daily Reports on Cryptocurrency Amid SVB Contagion

March 21, 2023

The largest monthly increases in CPI came from food, recreation services, and shelter, accounting for 70% of the monthly increase. Meanwhile, energy prices fell by 0.6% month-to-month after increasing by 2% in January. Core CPI, which excludes volatile food and energy prices, was slightly above economists’ expectations at 0.5% compared to 0.4%. Jay Bryson, Chief Economist at Wells Fargo, said that inflation is “certainly not licked,” adding that core inflation is “still well above where the Fed would like to see it.”

To control inflation, the Federal Reserve has raised interest rates aggressively, which has made borrowing more expensive for businesses and consumers, cooling down the economy. However, the recent collapse of several US banks, including crypto-friendly Silvergate Bank and Signature Bank, has complicated the situation. The report’s impact is unclear as it is uncertain whether the banks’ problems are a result of higher interest rates. Cryptocurrency prices rose yesterday as investors recalibrated their expectations of future rate hikes from the Federal Reserve. The possibility of the Fed raising interest rates by 50 basis points next week was eliminated as traders believed a pause was more likely. “Binance’s announcement that they would liquidate 1 billion BUSD in exchange for BTC, ETH, and other assets is a strong catalyst of the recent price action,” said the “Head of Research’ at Kaiko. “Overall, the recovery of USDC, Binance’s BUSD announcement, and slowing inflation have triggered a market rally, but the industry faces significant headwinds.”

Share76Tweet47

Related Posts

Hold On Tight! Bitcoin Proven Profitable in 88.5% of Trading Days

Hold On Tight! Bitcoin Proven Profitable in 88.5% of Trading Days

by Max "The Mako"
March 21, 2023
0

According to historical price performance data, holding Bitcoin for the long term has proven to be a profitable endeavor, with...

Australian Banks on High Alert: Regulator Demands Daily Reports on Cryptocurrency Amid SVB Contagion

Australian Banks on High Alert: Regulator Demands Daily Reports on Cryptocurrency Amid SVB Contagion

by The Megalodon
March 21, 2023
0

In the wake of the collapse of Silicon Valley Bank (SVB), Australia's prudential regulator, the Australian Prudential Regulation Authority (APRA),...

UK Tax Forms to Feature Separate Category for Crypto Assets

UK Tax Forms to Feature Separate Category for Crypto Assets

by The Megalodon
March 17, 2023
0

His Majesty's Treasury recently announced a significant development in the United Kingdom's comprehensive crypto framework by introducing a separate category...

Crypto Market Boom: What’s Behind Today’s Surprising Surge?

Crypto Market Boom: What’s Behind Today’s Surprising Surge?

by The Megalodon
March 17, 2023
0

Today, the crypto market has surged as a result of the United States banking crisis and the Federal Reserve's injection...

Is the Collapse of Silicon Valley Bank the Key to Breaking Crypto Winter?

Is the Collapse of Silicon Valley Bank the Key to Breaking Crypto Winter?

by The Megalodon
March 14, 2023
0

Following the collapse of Silicon Valley Bank, investors are optimistic that the Federal Reserve will take a softer approach to...

Load More
  • Trending
  • Comments
  • Latest
U.S. Treasury Proposes 30% Tax on Electricity Costs for Crypto Mining Firms

U.S. Treasury Proposes 30% Tax on Electricity Costs for Crypto Mining Firms

March 21, 2023
HSBC Acquires Silicon Valley Bank UK for a Token £1, Strengthening Commercial Banking Franchise

HSBC Acquires Silicon Valley Bank UK for a Token £1, Strengthening Commercial Banking Franchise

March 13, 2023
From Crashes to Cash: Crypto Funding Moves from CeFi to DeFi

From Crashes to Cash: Crypto Funding Moves from CeFi to DeFi

March 11, 2023
SEC denies VanEck’s Bitcoin Trust: Commissioners cry foul on double standards

SEC denies VanEck’s Bitcoin Trust: Commissioners cry foul on double standards

March 11, 2023
XRP Price Continues to Rise Despite Cryptocurrency Market Downturn Amid Ripple’s Courtroom Battle with SEC

XRP Price Continues to Rise Despite Cryptocurrency Market Downturn Amid Ripple’s Courtroom Battle with SEC

0
Bitcoin’s Support at Risk: Expert Traders Warn of Potential Drop to $19,700

Bitcoin’s Support at Risk: Expert Traders Warn of Potential Drop to $19,700

0
Protecting Your Crypto: The Importance of AML Frameworks in Web3

Protecting Your Crypto: The Importance of AML Frameworks in Web3

0
Why is XRP price up today?

Why is XRP price up today?

0
Kokomo Finance disappears with $4M in suspected ‘exit scam’ as KOKO token value crashes

Kokomo Finance disappears with $4M in suspected ‘exit scam’ as KOKO token value crashes

March 27, 2023
First Citizens Bank acquires Silicon Valley Bank with branches set to open on Monday – Breaking News

First Citizens Bank acquires Silicon Valley Bank with branches set to open on Monday – Breaking News

March 27, 2023
Reportedly, Chinese state-owned banks have been displaying interest in providing services to crypto companies in Hong Kong, even though cryptocurrencies are banned in China.

Reportedly, Chinese state-owned banks have been displaying interest in providing services to crypto companies in Hong Kong, even though cryptocurrencies are banned in China.

March 27, 2023
G7 Leaders to Cooperate on Stricter Cryptocurrency Regulations

G7 Leaders to Cooperate on Stricter Cryptocurrency Regulations

March 27, 2023
  • About
  • FAQ
  • Newsletter
  • Premium Services
  • Contact Us
  • Terms of Service
  • Privacy Policy

All Rights Reserved. CoinSharks.

No Result
View All Result
  • Bitcoin
  • Ethereum
  • Markets
  • Business
  • Regulation
  • Shark School

All Rights Reserved. CoinSharks.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In