Bitcoin (BTC), the world's largest asset price surged by 18% over the past 24 hours to break the $26k price level. The surge comes after February inflation appears to have eased. However, the Inflation rate increased in February but in line with expectations.
Based on the latest report, the Consumer Price Index (CPI) rose by 0.4% for the month keeping the annual inflation rate at 6%. This provides key input into whether or not the Federal Reserve will continue to raise interest rates. This latest data comes exactly as estimated by Dow Jones.
The core CPI rate rose by 0.5% for February to 5.5% on a 12-month basis. Meanwhile, its monthly reading was recorded slightly higher than the expected 0.4% increase.
The crypto market reacted positively as Bticoin broke the important $26K price level. Bitcoin traded at an average price of $26,434, before easing slightly to $26,106.05. BTC's 24-hour trading volume surged by 30% to $53 billion.
While the price of Ethereum jumped by 10% amid the recent CPI release. ETH is trading at an average price of $1,744 at the time of writing.
Data from Coinglass revealed that the surge saw $120 million liquidated in the past hour alone. The main part is through short positions.
