Bitcoin Price Cross $26,000 Barrier as Inflation Data Rises to 6%


The trading price of Bitcoin (BTC) has experienced a huge pump in the Tuesday trading session. The asset’s value has been pushed up following the inflation data released by the US Department of Labor.

As per the latest reports, the CPI data for the last month was just released by the US labor department, which showed a surge in the inflation rates.

CPI Surged in February 2023

The data showed that the CPI recorded a 0.4% surge in February 2023, which triggered BTC investors. They started to invest heavily in Bitcoin, which resulted in strong rallies.

It reportedly pushed up the trading price of BTC to a high of $26,000. The token price even made it past the $26,000 barrier with the price going over that level.

The Feds have revealed that they have recorded a 6% surge in the inflation rates in the past year. As per the officials, the inflation increase recorded in February was the lowest 12-month increase they recorded since September 2021.

The outcome of the Data Release

Following the data release, most of the conventional markets experienced high volatility. The stock and the forex markets started to experience fluctuations.

However, the cryptocurrency industry acted in a positive manner. This is because the inflation rates being very low means that the Feds can change their monetary policy and not implement hikes going forward.

This could mean that the dollar price would move lower and that is a positive sign for cryptocurrencies. Compared to all the cryptocurrencies, Bitcoin is the luckiest when it comes to demonstrating stronger gains.

Even the second-largest cryptocurrency, Ether (ETH) has demonstrated a strong performance alongside Bitcoin. The data has been shared by CoinMarketCap, which is a great sign that the crypto industry is moving forward.

Bitcoin’s Price Surge

Before the rally was experienced, the trading price of Bitcoin was at $22,025.41. With the rally kicking in, the trading price of BTC rose to a high of $26,514.72. This means that BTC’s price surged by 19% in a matter of less than 24-hours.

The digital asset also recorded a spike in trading volume and its valuation has also surged significantly. The overall valuation of Bitcoin is currently over $512 billion and its trading volume is also more than $55 billion in the past 24-hours.

This goes to show that the Bitcoin trading price has been surging significantly and it may continue experiencing the same in the future.

From the looks of it, the investors have strong confidence in the market trend. They will continue supporting the positive trend and the price of BTC may continue surging in the future.