BITCOIN: eyeing in the ‘NEXT BIG MOVE’
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Despite tepid January U.S. consumer price index (CPI) data, Bitcoin reclaimed a comfortable lead above $22,000.
The largest cryptocurrency by market capitalization was recently trading above $22,200, representing a more than 3% increase in the previous 24 hours. BTC had remained below $22,000 for the previous five days, as investor concerns about stablecoin regulation and U.S. central bank inflation-fighting measures grew.
The CPI rose 0.5% in January, compared to 0.1% the previous month, in line with economist expectations. However, year-over-year inflation was higher than expected, coming in at 6.4%, compared to 6.5% in December and 6.2% predicted. Year-over-year core CPI, which excludes more volatile food and energy costs, increased faster than expected, at 5.6% versus 5.5% expected and down from 5.7% a month earlier.
The data suggested that the Federal Reserve would maintain its hawkish stance, with more interest rate hikes planned at upcoming Federal Open Market Committee (FOMC) meetings. According to the CME FedWatch tool, approximately 90% of traders expect the FOMC to raise rates by 25 basis points in March.
Investor reaction was erratic in the immediate aftermath of the CPI release, with bitcoin (BTC) initially falling on the news before quickly surging by $700 to trade as high as $22,300 before retreating slightly to its current level.
"The market may be pricing in a little more Fed tightening, but that isn't weighing on cryptos today," Edward Moya, senior market analyst at foreign exchange market maker Oanda, wrote in a note on Tuesday. "Regulation and contagion risks have weighed on Bitcoin this month, potentially exhausting the downward move."
The largest cryptocurrency by market capitalization was recently trading above $22,200, representing a more than 3% increase in the previous 24 hours. BTC had remained below $22,000 for the previous five days, as investor concerns about stablecoin regulation and U.S. central bank inflation-fighting measures grew.
The CPI rose 0.5% in January, compared to 0.1% the previous month, in line with economist expectations. However, year-over-year inflation was higher than expected, coming in at 6.4%, compared to 6.5% in December and 6.2% predicted. Year-over-year core CPI, which excludes more volatile food and energy costs, increased faster than expected, at 5.6% versus 5.5% expected and down from 5.7% a month earlier.
The data suggested that the Federal Reserve would maintain its hawkish stance, with more interest rate hikes planned at upcoming Federal Open Market Committee (FOMC) meetings. According to the CME FedWatch tool, approximately 90% of traders expect the FOMC to raise rates by 25 basis points in March.
Investor reaction was erratic in the immediate aftermath of the CPI release, with bitcoin (BTC) initially falling on the news before quickly surging by $700 to trade as high as $22,300 before retreating slightly to its current level.
"The market may be pricing in a little more Fed tightening, but that isn't weighing on cryptos today," Edward Moya, senior market analyst at foreign exchange market maker Oanda, wrote in a note on Tuesday. "Regulation and contagion risks have weighed on Bitcoin this month, potentially exhausting the downward move."
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