Bitcoin, Ethereum, and Dogecoin Experience Growth Following February’s Inflation Data
Major cryptocurrencies saw gains on Tuesday following the news that the Consumer Price Index showed a decline in inflation to 6% from the previous month’s reading of 6.4%. Bitcoin rose above $26,000 for the first time in nine months before dipping to $25,000, while Ethereum was up 2.31% at over $1,700 and Dogecoin was up 3.92% trading at $0.075. The global cryptocurrency market capitalization reached $1.10 trillion, an increase of 2.50% over the last day. U.S. stocks also rose following the news that the potential risk of contagion from the closure of Silicon Valley Bank and Signature Bank had been contained. The successful final test simulation of staked ether withdrawals brings the Shanghai upgrade one step closer to its live activation on the mainnet blockchain next month, and Coinbase Global CEO Brian Armstrong discussed his ambition to create a more sustainable and predictable revenue model for navigating crypto cycles. Analysts suggest that Bitcoin could make a run to the $30,000 level if the Fed’s work is almost done and a sharp ascent to $28,000 is possible without any consolidation. Veteran trader Peter Brandt is not surprised by the recent crypto market developments at the make-or-break $26,000 level, and Santiment said if Bitcoin breaks through the local resistance level it could alter investor sentiment about the ongoing bear market.