Bitcoin Rebounds Over $19k….
things were looking a little gloomy earlier but after the recent inflation report, Bitcoin rebounded to over $19,000 where it now sits at $19,200…..
Bitcoin Rebounds Over $19K After Plunge Triggered by Hot Inflation Report
“Bitcoin rebounded above $19,000 on Thursday in a wild day of trading that earlier saw the largest cryptocurrency dive after a hotter-than-expected U.S. inflation report.
Analysts were at pains to explain the logic of the move, since the Consumer Price Index report theoretically puts additional pressure on the Federal Reserve to keep ratcheting monetary policy tighter – usually a negative factor for prices of risky assets from stocks to cryptocurrencies.
U.S. stocks staged a comeback as well, and investors in traditional markets said it was possible that the negative news had already been accounted for by traders.
As of press time bitcoin (BTC) was up 0.2% over the past 24 hours to about $19,100. In the minutes after the inflation report at 8:30 ET (12:30 UTC), the price tumbled to $18,198 – the lowest since Sept. 21 – but has been mostly climbing in the hours since. The CoinDesk Market Index is down 1.1%.
“For now, bitcoin buyers have to defend the $18,500 support with attempts to regain the $19,000 level remaining in the pursuit in the next couple of days,” Fuad Fatullaev, co-founder and CEO of Web3 ecosystem WeWay.”
