Hassan Maishera
TL;DR
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Bitcoin climbs above the $26k level for the first time in nearly a week following last week’s crash.
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The positive performance comes ahead of today’s CPI data and tomorrow’s interest rate decision.
Bitcoin Trades Above $26k Once Again
Bitcoin, the world’s largest cryptocurrency by market cap, has climbed above the $26k level once again.
The positive performance comes as investors eye this week’s CPI data and the Federal Reserve’s interest rate decision.
The CPI data is expected to be released today, and market analysts expect that inflation figures for May should cool down. If the inflation figures decline, the Federal Reserve will most likely not increase interest rates tomorrow.
The crypto and broader financial markets could experience further uptrend if the Fed declined to hike interest rates, as it would be the first time it is doing so in more than a year.
Bitcoin is currently up by more than 1% in the last 24 hours and is currently trading above $26k.
BNB, the native coin of the Binance ecosystem, is slowly recovering from last week’s poor performance. BNB has added more than 4% to its value in the last 24 hours, outperforming the broader cryptocurrency market in the process.
The total cryptocurrency market cap currently stands at $1.06 trillion, up by less than 1% in the last 24 hours. Investors would be keenly watching the upcoming CPI data as that could determine the direction of the market for the remainder of the week.
