Bitcoin surged past $26,000, but then dipped back to $24,000
Bitcoin, the bellwether coin, has experienced another bout of volatility, with its price surging past the $26,000 mark for the first time since July 2022, only to retrace to $24,070 on the Bitstamp exchange.to explain that he is not surprised by such a development since the make-it-or-break-it $26,000 level got rejected., the market capitalization of the flagship cryptocurrency surpassed $500 billion for the first time since mid-2022.
The price of Bitcoin was boosted in part by the recent banking crisis in the United States. The current meltdown has been compared to the 2013 banking crisis in Cyprus that pushed the world's first cryptocurrency into the mainstream for the first time in its existence. Investors continues to see Bitcoin as a safe haven asset in times of financial turmoil despite its underperformance.
While the crypto community is bettingon on a Fed pivot, February's CPI report shows that inflation is not going away quickly. Hence, there is still a compelling need for the central bank to continue raising rates, according to economists at Bloomberg.
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