Bitcoin rose above $44,147 on Jan. 12, its highest since Jan. 6 following the release of fresh inflation stats, which saw the Consumer Price Index rose by 7% during the year through December.
Chinese reporter, Colin Wu reports ”The United States announced that the CPI for December was 7%, the highest since June 1982. The US core CPI was 5.5% in December, the highest since February 1991.”
Bitcoin alongside the equities markets rebounded on Tuesday as investors were relieved that Federal Reserve Chair Jerome Powell’s testimony to Congress did not include any major surprises. Powell’s comments likely reassured investors that the Fed was not going to prioritize inflation reduction above everything else, including employment.
Cryptotrader cum economist, Alex Kruger on what comes next after the release of the inflation stats says ”tomorrow’s inflation (830AM EST) comes in line and the crypto reversal continues. BTC sellers re-engage around 46K, alts enjoy the further upside.”
The good news here is that the CPI data released falls roughly in line with expectations for the month. Cryptoanalyst Michael van de Poppe on what’s next for Bitcoin says: ”Next stop seems to be a retest at $46K for Bitcoin”.
He explains further, ”Slowly flipping levels for Bitcoin. The level to hold for me is the range around $42.8K. If that sustains, I’m expecting a test of $46K to happen. Just like I said a few days ago; I’d rather long than short”. Bitcoin’s moving averages are deemed to make a crossing in the coming days.
The Altcoin market rose alongside Bitcoin with Ethereum rising 5% to intraday highs of $3,394. Cryptoanalyst Michael van de Poppe speaks on Ethereum price action ”Good bounce from #Ethereum. Levels I’m watching are $3.350 and $3.600 to break for further bullish perspectives”.
Shiba Inu (SHIB, +13.05%), Fantom (FTM, +14.13%), The Sandbox (SAND, +10.69%), Harmony (ONE, +11.69%), Arweave (AR, +10.30%), Oasis Network (ROSE, +16.66%), Nexo (NEXO, +11.59%), Ravencoin (RVN, +10.60%), Secret (SCRT, +11.13%), Velas (VLX, +11.18%), Dusk Network (DUSK, +14.93%) were among the top gainers in the altcoin market.
Shiba Inu has rebounded nearly 20% from lows of $0.000026 reached on Jan. 11. According to the official announcement made yesterday, Shiba Inu deposits are now available for trading on the Indian cryptocurrency exchange Giottus.
Before that, Shiba Inu was listed by such major Indian exchanges as Unocoin, ZebPay, and CoinDCX. The $0.000026 level is quite important represents the crucial support from where Shiba Inu posted a 220% rally in October 2021.
Stellar (XLM) has rebounded more than 20% since Jan. 11 as muxed accounts, a new type of Stellar account that makes it easy to map a single Stellar address to multiple users went live.
The Ravencoin network had its halving event on Jan. 11. The total number of Ravencoin mined by miners per block was subsequently slashed from 5,000 to 2,500. The price has risen nearly 25% after the halving event.
The Sandbox is seeing steady growth as the metaverse continues to attract investors, It stated today ”Dough-Boy, the award-winning artist/music producer, will create the BlueArk Land, Asia’s first clubbing metaverse hub, in The Sandbox. A spot for party animals to experience music, games, art, and beyond! Get LAND alongside BluArk – this Thursday”.
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