Bitcoin rises to $ 18,000 after US inflation data is released

The flagship cryptocurrency rose to $ 18,000 for a while after the publication of the Consumer Price Index (CPI) data. The November inflation rate was 7.1%, which is 0.2% lower than expected.

At the time of writing, the value of BTC $60,750.32 Bitcoin -1.36% Market capitalization $1.2 trillion VOL. 24 hours $1.44 billion has adjusted, however, even such a short-term growth of bitcoin has had a positive impact on the crypto market. Stocks and futures also gained — the S&P 500 index rose by 3% and Nasdaq futures by 4%. Shares of cryptocurrency companies also showed growth: Coinbase (COIN) — by 7%, and MicroStrategy (MSTR) — by 5%.

According to analysts, the US inflation rate is at its peak. Investors are awaiting the Fed’s decision to raise interest rates in December.

It is inflation and an increase in the refinancing rate that significantly affect the dynamics of the flagship cryptocurrency. In May 2022, inflation in the United States was the highest in 40 years. As a result, bitcoin sales surged, causing a loss of $ 15 billion in market capitalization in the first few hours after the data was published.