The world's biggest cryptocurrency has been buoyed by easing fears surrounding Silicon Valley Bank and Signature Bank.
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Bitcoin raced through $26,000 on Tuesday — a new high for 2023.
The world's biggest cryptocurrency has been buoyed by easing fears surrounding Silicon Valley Bank and Signature Bank.
BTC is now at its highest level since June 2022 — piercing a price point that has been elusive for bulls.
The U.S. Consumer Price Index came in at 6% for February — in line with what economists had been expecting.
And while this is well above the Federal Reserve's target of 2%, this is the lowest year-on-year increase in 18 months.
All eyes will now turn to the Federal Reserve, and analysts on Wall Street are anticipating an interest rate hike of 0.25 percentage points at the next meeting — that's 25 basis points.
The demise of Silvergate, SVB and Signature — and fears that the contagion could spread to other U.S. banks — appear to have made a 0.5 percentage point rise less likely.
CoinMarketCap data shows BTC has surged by 15.4% over the past 24 hours — with a sea of green across smaller cryptocurrencies, too.
Ether is nearing $1,750 after a 9.2% rise, while BNB has climbed 5.6% over the same timeframe.
USD Coin, which violently depegged at the weekend because Circle had exposure to Silicon Valley Bank, is trading at $0.9987 — fractions off its $1 peg.
