Day: March 14, 2023

Bitcoin Hits 3-Week High on ‘Relief’ Rally

Bitcoin continued to rally early Tuesday, building on Monday’s gain, with an 18% increase over the past 24 hours. The world’s largest cryptocurrency broke the $25,000 mark following the release of U.S. inflation data. The cryptocurrency has since reached around $26,200, a nine month high. Over $100 million worth of bitcoin shorts, or bets against a rise in prices, were liquidated on Monday. Ether also gained on Tuesday, up 10%, and crypto exchange OKEx’s OKB token rose 25%. Source

Bitcoin price breaks $26K as US inflation comes in at 6%

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The price of Bitcoin (BTC) saw a sharp uptick over $26,000 as the United States Department of Labor released the latest Consumer Price Index (CPI) data for February 2023. CPI rose 0.4% last month on a seasonally adjusted basis, with the department noting that the all-items index denoting inflation increased by 6% over the last year. The Labor Department notes that inflation saw its lowest 12-month increase since the period ending September 2021. CNBC reported that conventional markets were volatile following the release, while cryptocurrency markets reacted positively. Bitcoin saw a surge…

Bitcoin price sees new 2023 high as CPI sends BTC price above $26K

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Bitcoin (BTC) spiked above $26,000 on March 14 as United States Consumer Price Index (CPI) data showed mixed inflation signals. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView CPI fuels 9-month BTC price highs Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as sudden volatility kicked in on the release of February’s CPI numbers. Inflation climbed 6% year-on-year, while the month-on-month figure was 0.4% — both in line with expectations. Items less food and energy increased by 0.5%, slightly higher than forecast. US #inflation data more or less in line. Feb…

Moody’s Downgrades Signature Bank to Junk while Putting More Banks Under Review 

Moody’s also put the ratings of six other banks in the US under review. Ratings agency Moody’s has downgraded the debt ratings of recently collapsed Signature Bank (NASDAQ: SBNY) to junk amid the happenings in the US banking sector. Signature Bank began to lose its shares following the demise of Silicon Valley Bank last week. As investors’ worries peaked, the New York Department of Financial Services (NYDFS) took over Signature Bank to protect depositors’ funds. The State regulators shut down the bank two days after Silicon Valley Bank’s crumble. Moody’s…

Treasury Yields Climb amid Latest Investor Interest Rate Outlook Assessment

The 2-year and 10-year Treasury yields rose Tuesday as investors pondered the next Fed interest rate hikes.  Treasury yields recently climbed amid investor interest rate assessment ahead of pivotal inflation data. On Tuesday, investors and analysts weighed the outlook for Federal Reserve interest rate hikes following Silicon Valley Bank’s collapse. By 5 am Eastern Time, the 10-year Treasury yield was up approximately seven basis points to 3.5827%. The 2-year Treasury yield also rose by more than 15 basis points to 4.1857% around the same time. The yield on the 2-year Treasury had…

BTC Nearing $25,000 as Banks Face Exodus of Deposits – Market Updates Bitcoin News

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Bitcoin moved closer to $25,000 on Tuesday, as banking withdrawals rose following the collapse of Signature Bank and Silicon Valley Bank. Reports suggest that withdrawals at the likes of JPMorgan and Citibank are nearing a ten-year high. First Republic Bank has been another major firm to fall, with its stock dropping by over 60% on Monday. Ethereum was also higher in today’s session. Bitcoin Bitcoin (BTC) extended recent gains on Tuesday, as prices rose higher for a fourth consecutive session. Banking stocks were significantly lower to start the week, with…