In the past few days, Bitcoin investors have experienced quite a rollercoaster, with the crypto price dropping or increasing almost daily.
The price of Bitcoin (BTC), the largest cryptocurrency in terms of market capitalization, has reached a new 2023 high.
On March 14th, Bitcoin’s (BTC) price briefly surged by over 16% and retailed for slightly more than $26,000.
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The price started growing the afternoon of March 13th, with the tipping point of $22,472. In almost two hours, the price of BTC increased by 2,000.
It is believed that the sudden increase in BTC price was impacted by the recently shared Bureau of Labor Statistics (BLS) report, which revealed that the inflation rate in the United States is decreasing.
Based on the report, in February, the inflation rate dropped by 0.1% from January’s 0.5%. On top of that, the United States year-over-year data revealed that inflation fell to 6.0%, compared to 6.4% the month before.
The past four days have been a rollercoaster for Bitcoin investors. On March 10th, Bitcoin briefly dropped below $20,000 as the news about the shutdown of major crypto-friendly banks was revealed.
During the first week of March, banks such as Silvergate, Signature, and Silicon Valley Bank faced troubles and were closed down by regulators or company authorities.
Despite that, it appears that Bitcoin shows clear signs of recovery. It is worth noting that the last time BTC retailed for as much as $25,000 was in May 2022.
The cryptocurrency reached its peak in October 2021, when it retailed for over $60,000.
At the time of writing, BTC retails for $25,881, recording a 12.98% increase.