Here are reasons behind Bitcoin (BTC) sudden rise above $26,000 BTC $BTC
price suddenly jumped past the $26,000 mark on March 14, reaching a nine-month high in the process. The largest cryptocurrency by market capitalization, Bitcoin , extended its rally, surpassing the $26,000 mark for the first time since June 2022. chart, and at the time of writing, it was up 16.67% over the past 24 hours to $26,089.The recent gains follow the latest Consumer Price Index release for February, which saw inflation fall to 0.4% from 0.
In line with expectations, inflation decreased from 6.4% to 6.0% on the year-over-year basis from the previous month. Markets had anticipated that the Fed would approve an additional 0.25 percentage point hike to its rate benchmark going into the announcement.With the CPI report, that likelihood grew, and traders are now estimating that there are higher chances that the Fed will raise interest rates by a quarter point.
Contributing to this is the Federal Deposit Insurance Corporation's recent announcement that Silicon Valley Bank depositors will have complete access to their money after confirming a successful transfer of deposits to a new bridge bank. Also, Binance's conversion of $1 billion worth of Binance USD to support the market might have boosted buying pressure.
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