TECH

Bitcoin crossed the $18,000 mark today

The bitcoin exchange rate crossed the $18,000 mark today, which is the cryptocurrency's best achievement in recent weeks. The growth in the value of bitcoin was facilitated by the slowdown in inflation in the United States, as well as the news that lawyers for the bankrupt crypto exchange FTX have returned access to assets worth billions of dollars.

Note that the price of the world's largest cryptocurrency rose above $18,000 for the first time since December 14 last year. At the time of writing this note, one bitcoin received about $18,109, and the daily increase was almost 4%.

The increase in bitcoin’s value was facilitated by the statement by lawyers for the bankrupt cryptocurrency exchange FTX, which managed to restore access to “liquid” assets worth about $5 billion, including cash and digital assets. The publication of inflation data in the United States also contributed to the growth of bitcoin. The consumer price index for December fell 0.1% mom, which is in line with the Dow Jones forecast. However, on an annualized basis, prices rose 6.5%, slightly less than the 7.1% jump recorded in November and well below the 9.1% jump in June.

Investors expect the slowdown in inflation to put pressure on the US Federal Reserve and force it to abandon further hikes in interest rates. The Fed and other central banks raised interest rates for much of last year to curb skyrocketing inflation, causing the cryptocurrency market to plummet. Now, investors are hopeful that the Fed will cut rates, which will ease pressure on risky assets, which include cryptocurrencies.

mundophone