Bitcoin Touches $18,000 After US Inflation Numbers Release (Market Watch)

The past 24 hours have been particularly eventful in the cryptocurrency markets as a whirlwind of news from all fronts. In short, the market reaction was positive, crossing $900 billion, while Bitcoin rose to $18,000 for the first time in over a month.

Bitcoin price touches $18,000 on the CPI numbers.

First of all, the Bitcoin price finally experienced some volatility after trading flat for more than 10 days. It peaked at exactly $18,000 (on Binance), as shown in the chart below.

Source: Binance via TradingView

The move came after the US Bureau of Labor Statistics released Consumer Price Index figures. The consumer price index is the most widely used measure of inflation levels in the country, and it came in at 7.1%, up 0.1% from October. And while the number rose, it was still 7.3% lower than expected, sending markets higher.

BNB is on the road to full recovery

Growing concerns about Binance’s solvency pushed the price of the local cryptocurrency – BNB – to as low as around $255 in yesterday’s trading session.

However, the exchange managed to handle nearly $8 billion in withdrawals in the last 24 hours. CEO Changpeng Zhao He said That it was “business as usual” and that this does not fall within the first five days of most withdrawals.

This seems to have allayed concerns as BNB price surged to a high above $280 and is currently trading around $275 at the time of writing.

Altcoins are green

The entire cryptocurrency market has been painted green today, with Solana being one of the top coins by market cap.

Source: QuantifyCrypto

The price of SOL is up over 7%, while many other leading altcoins like ETH, BNB, XRP, DOGE, ADA, LTC, TRX, etc. – are up between 2.5% and 7%.

Local cryptocurrency Telegram Open Network (TON) is once again the best performer in the top 100, up 12.3% in one day, followed by WBT and OKT. On the other hand, GMX and Stacks could not catch up, losing 7.8% and 8.3%, respectively.

Elsewhere, a judge in the Bahamas has denied former FTX CEO Sam Bankman-Fried bail and will have to serve time until February 8 at a local correctional facility.

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