Hassan Maishera
TL;DR
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Bitcoin maintains its price above $29k, down by less than 1% in the last 24 hours.
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The CPI data from the United States came out favorable, and that could see the US Fed halt its recent interest rates hike.
Bitcoin Stays Above $29k
Bitcoin, the world’s number one cryptocurrency by market cap, is down by less than 1% in the last 24 hours. BTC is trading just above $29,400 per coin at press time.
Its poor performance came despite favorable CPI data in the United States yesterday.
Last month, the Consumer Price Index (CPI) in the United States rose 0.2%, and Core CPI, excluding food and energy, increased 0.2%. The year-over-year CPI increased by 3.2%, while Core CPI rose by 4.7%.
The data indicated that it is less likely that the Federal Reserve will increase interest rates next month as inflation levels in the US continue to decline.
The news could have served as a bullish moment for Bitcoin and the broader crypto market, but BTC failed to rally higher. BTC has maintained its price above the $29k level since the start of the week and could likely end the week trading around that level.
Solana has been the best performer amongst the top 10 cryptocurrencies by market cap this week and continued in that trend. SOL added more than 1% to its value and is up by over 7% this week. At press time, the price of Solana stands at $24.62.
The total cryptocurrency market cap is down by $100 million in the last 24 hours and currently stands at $1.17 trillion.
