Bitcoin approaches $19,000, rises 8% following inflation data

MARKET_WATCH Crypto

Cryptocurrency prices are surging following the U.S. inflation report and crypto-related stocks were mostly higher.  Bitcoin was trading at $18,677 at 1:30 p.m. EST, up 8% over the past 24 hours, according to TradingView data. 

 

The leading cryptocurrency by market cap approached $19,000 earlier in the day, a level last seen before the collapse of FTX. 

 

BTCUSD chart by TradingView[/caption] Ether was trading around $1,420, adding 5.8%, while Binance's BNB added 2.4%. Ripple's XRP had a modest gain of 0.5%, Cardano's ADA jumped 5.2%, and Polygon's MATIC rose 6%.  Crypto stocks The S&P 500 and the Nasdaq 100 were marginally higher following the inflation reporting, adding 0.26% and 0.28%, respectively.  

 

Coinbase shares were higher by 4.3%, trading above $45 for the first time since mid-December. MicroStrategy is again trading above $200, tacking on 4.7% by 1:40 p.m. EST, according to Nasdaq data.  Silvergate shares soared 12.6% to trade at $13.72, lifting the crypto-friendly bank off recent lows following last week's layoff announcement.  Block shares dipped 0.45%, trading around $71.  Macro matters With today's U.S. inflation data and last Friday's jobs report, the market appears confident about the Fed's next move, at least according to the CME group.  

 

The CME's FedWatch tool — which analyzes the probability of changes to interest rates and U.S. monetary policy using implied 30-day fed funds futures pricing data — shows a 95% probability of a 25 basis point increase on Feb. 1.  

 

While it appears the Fed's efforts to combat inflation aren't in vain, some commentators have raised concerns. Market maker GSR said the uptick in core CPI due to a continued rise in shelter costs raised concern for some. 

 

Source : [Bitcoin approaches $19,000, rises 8% following inflation data](www.theblock.co/post/201321/bitcoin-approaches-19000-rises-8-following-inflation-data?utm_source=feedly&utm_medium=rss) by Adam Morgan McCarthy - The Block by Adam Morgan McCarthy / January 12, 2023

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