Friday Bitcoin The index recovered rapidly, rising more than $4000, returning to $69,000. The surge was fueled by the release of U.S. inflation data, which came in below economists’ expectations.
After a period of decline, when the leading kriptovalyuta After falling below $66,000 for two consecutive sessions, the BTC price jumped from an intraday low of $65,670 to $69,405. This move represents a rapid increase of 5% in less than 24 hours.
24-hour BTC price change. Data from CoinGecko
Despite the fact that after a couple of hours Bitcoin back into the $68,000 range, its surge adding roughly $70 billion to its market cap, lifting it from $1,31 trillion to $1,37 trillion.
The positive consumer price index (CPI) reading has had an impact on the entire digital economy. Most altcoins have shown gains of between 2% and 5%, while the price Bitcoin Cash (BCH) rose 8%. The total market capitalization of cryptocurrencies increased by almost 4%, reaching $2,42 trillion.
The sudden surge in volatility caught bears off guard, triggering the liquidation of short positions worth more than $170 million in just four hours. Bitcoin led the decline, losing $92 million in shorts, followed by Ethereum with $48 million.
The dizzying success, however, failed to improve the overall market sentiment. Thus, index of fear and greed In relation to cryptocurrencies, it remained at 8 in the “extreme fear” zone.