Bitcoin rate updated its maximum for 9 months at $26.4 thousand

Bitcoin rate updated its maximum for 9 months at $26.4 thousand

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Author: Robert Strickland (crypto expert)
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Bitcoin rate updated its maximum for 9 months at $26.4 thousand
Bitcoin rate reached a nine-month high of $26.4 thousand.
The cost of the first cryptocurrency exceeded the mark of $26 thousand after it became known that inflation in the U.S. slowed to its lowest since September 2021

The rate of bitcoin updated at the highest in 9 months, rising to $26.4 thousand. This mark the price of the asset has crossed for the first time since June 13, 2022. According to CoinGecko, at 17:00 coin is trading at $26 thousand, and its value increased by 15.8% during the day.

Bitcoin price reacted to the publication of data on inflation in the U.S., which slowed to its lowest since September 2021. Consumer prices in the U.S. (CPI) in February rose at an annualized rate of 6%. Compared to January's level, the index rose 0.4%, which was in line with market expectations.

The inflation data influence the U.S. Federal Reserve's decisions on key rate changes. If inflation declines, the regulator may decide to slow the pace of rate hikes. The U.S. Federal Reserve will hold its next two-day meeting on March 21-22. Financial markets are expecting a 25bp rate hike to the 4.75-5% range.

Over the past few days, however, expectations of a Fed rate hike have declined. In less than a week, three banks with $333 billion in assets went bankrupt in the U.S. Many analysts said the Silicon Valley Bank collapse dealt a blow to financial markets that will force the Fed to soften its policy.

Rates of leading altcoins also rose following the first cryptocurrency. Ethereum rose 9.8% to $1.74k overnight, Ripple rose 4.7% to $0.38 and Polygon rose 9.9% to $1.23. The market capitalization of cryptocurrencies rose 11.8% to $1.167 trillion in the past 24 hours.

 

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