Buoyed by mildly encouraging inflation data and the banking sector’s continued rebound from near disaster, bitcoin rose above $26,000 on Tuesday for the first time in nine months before losing some of its gains later in the day. _jocelynyang_ reports
The largest cryptocurrency by market capitalization was recently trading at $24,700, up over 2% in the past 24 hours. At one point on Tuesday, BTC had risen by double digits for a second consecutive day.release of the February Consumer Price Index
“I think it was a healthy pullback after a euphoric crypto-specific rally,” Riyad Carey, research analyst at crypto data firm Kaiko, told CoinDesk in a direct message on Twitter. “I'm still surprised how quickly the market seems to have shrugged off the events of the weekend.” James Lavish, managing partner at Bitcoin Opportunity Fund, said that bitcoin’s pullback late Tuesday indicated that the cryptocurrency “got ahead of itself with short covering after pushing through key $25,000 resistance for traders.” In an email to CoinDesk, he added: “That, plus the CPI numbers suggest the hikes are not quite over yet, even if the 50-basis point is essentially off the table now.
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