Last Updated on January 13, 2023 by Bitfinsider
In the United States, inflation rose by 6.5% on an annualized basis in December and fell by 0.1% on a monthly basis.
As CPI statistics exceeded expectations, it boosted both the cryptocurrency and traditional stock markets. Following the news, Bitcoin first fell before making a comeback to trade higher.
According to CoinMarketCap data, the top cryptocurrency by market capitalization was trading at $18,854 by 6:00 a.m. EST.
Following last Friday’s USÂ jobs report, financial markets have been trading higher over the last several days; some analysts anticipate the surge to continue. As long as the yearly growth is less than 6.6% or 6.7%, traders will remain bullish.
Bit Mining’s Chief Economist Youwei Yang said: “This could give the macro environment and crypto market some sentiment to rally for the short term. The market is betting the Fed won’t have the guts to raise the final interest rate above 5.25%, as it could mean difficulty to pay back national debt and also market liquidity.”
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
