{"id":523148,"date":"2023-03-15T09:30:10","date_gmt":"2023-03-15T09:30:10","guid":{"rendered":"https:\/\/wncen.com\/?p=523148"},"modified":"2024-06-11T14:34:19","modified_gmt":"2024-06-11T14:34:19","slug":"bitcoin-falls-back-to-24000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-falls-back-to-24000\/","title":{"rendered":"Bitcoin Falls Back To $24,000 After Briefly Topping $26K – Will BTC Backpedal Further?"},"content":{"rendered":"

Bitcoin price declined on Tuesday afternoon, reversing the day’s early gains, as the broader crypto market reacted to the latest financial sector crisis and inflation data headlines.<\/p>\n

Bitcoin (BTC) was trading at $24,833<\/a> at the time of writing, down 8% from its intraday high of $26,502 on Tuesday morning, its highest level in nine months, according to data from crypto market tracker Coingecko.<\/p>\n

\"\"<\/p>\n

Source: Coingecko<\/pre>\n
In response to the publishing of the latest Consumer Price Index (CPI) data<\/a> for the month of February 2023, BTC witnessed a quick and considerable increase, surpassing the $26,000 mark.<\/p>\n
Bitcoin registered\u00a0this multi-month milestone after the U.S. Bureau of Labor Statistics reported that the CPI\u00a0for All Urban Consumers (CPI-U) rose 0.4% in February, down from 0.5% in January.<\/p>\n
CPI Data’s Impact On Bitcoin Price<\/strong><\/h2>\n
This suggests that the release of CPI data had a discernible effect on the cryptocurrency market, causing investors to boost their Bitcoin holdings.<\/p>\n
The CPI is a measure of inflation in the US, which measures the changes in the prices of goods and services over time. Its release frequently causes changes in market sentiment as investors adjust their portfolios in response to economic changes.<\/p>\n
Related Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion<\/a><\/div>\n
Statistics from TradingView indicated BTC\/USD setting monthly highs of $24,917 on Bitstamp overnight. When the impact of multiple US bank closures pushed crypto markets soaring, the pair stayed bullish.<\/p>\n
Bitcoin climbed to heights that were not reached since last summer on Tuesday, continuing its advance for a second day as investors evaluated the latest inflation figures.<\/p>\n
Bitcoin Temporarily Hits $26K<\/strong><\/h2>\n
Coin Metrics data indicates that Bitcoin was up 3.4% at $25,150 at its most recent valuation. Experts had identified $25,400 as a significant level to monitor.<\/p>\n
Meanwhile, Bitcoin’s minor pause in price gains and changing course back to the $24K region could imply that Federal Reserve managers face less compulsion to lift their benchmark rate\u2019s target spectrum in hopes of bringing inflation in check.<\/p>\n
If the Federal Reserve (the central bank of the United States) raises interest rates slowly over time, it might be good for bitcoin. Bitcoin is considered a risky investment because it doesn’t pay any interest to its investors.<\/p>\n
But when interest rates rise, it becomes more expensive for companies and individuals to borrow money, so they are less likely to invest in risky assets like bitcoin. Instead, they may choose to invest in safer investments that pay them interest.<\/p>\n
So if interest rates rise slowly, investors may still be willing to invest in bitcoin instead of those safer investments.<\/p>\n
<\/p>\n
Crypto total market cap reclaims the $1 trillion mark on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: Bitcoin Price Explodes 10% In 24 Hours With A Breach Of The $24,000 Level<\/a><\/div>\n
Since late last week, cryptocurrency prices have risen considerably, with market sentiment making a U-turn\u00a0as U.S. regulators acted swiftly to rescue depositors of Silicon Valley Bank and Signature Bank.<\/p>\n
Caitlin Long, chief executive and founder of Custodia Bank, underscored the noteworthy price performance of Bitcoin amidst a tumultuous week marked by the closure of the two lending institutions by U.S. authorities:<\/p>\n
\n
Bank regulators: “chancellor on the brink of a second bailout for banks”\ud83e\udd2c#Bitcoin<\/a>: “hold my beer”\ud83c\udf7b (up >30% since SVB bank run Thursday) pic.twitter.com\/LaxYqr035l<\/a><\/p>\n
\u2014 Caitlin Long \ud83d\udd11\u26a1\ufe0f\ud83d\udfe0 (@CaitlinLong_) March 14, 2023<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price declined on Tuesday afternoon, reversing the day’s early gains, as the broader crypto market reacted to the latest financial sector crisis and inflation data headlines. Bitcoin (BTC) was trading at $24,833 at the time of writing, down 8% from its intraday high of $26,502 on Tuesday morning, its highest level in nine months, according to data from crypto market tracker Coingecko. Source: Coingecko In response to the publishing of the latest Consumer Price Index (CPI) data for the month of February 2023, BTC witnessed a quick and considerable increase, surpassing the $26,000 mark. Bitcoin registered\u00a0this multi-month milestone after the U.S. Bureau of Labor Statistics reported that the CPI\u00a0for All Urban Consumers (CPI-U) rose 0.4% in February, down from 0.5% in January. CPI Data’s Impact On Bitcoin Price This suggests that the release of CPI data had a discernible effect on the cryptocurrency market, causing investors to boost their Bitcoin holdings. The CPI is a measure of inflation in the US, which measures the changes in the prices of goods and services over time. Its release frequently causes changes in market sentiment as investors adjust their portfolios in response to economic changes. Related Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion Statistics from TradingView indicated BTC\/USD setting monthly highs of $24,917 on Bitstamp overnight. When the impact of multiple US bank closures pushed crypto markets soaring, the pair stayed bullish. Bitcoin climbed to heights that were not reached since last summer on Tuesday, continuing its advance for a second day as investors evaluated the latest inflation figures. Bitcoin Temporarily Hits $26K Coin Metrics data indicates that Bitcoin was up 3.4% at $25,150 at its most recent valuation. Experts had identified $25,400 as a significant level to monitor. Meanwhile, Bitcoin’s minor pause in price gains and changing course back to the $24K region could imply that Federal Reserve managers face less compulsion to lift their benchmark rate\u2019s target spectrum in hopes of bringing inflation in check. If the Federal Reserve (the central bank of the United States) raises interest rates slowly over time, it might be good for bitcoin. Bitcoin is considered a risky investment because it doesn’t pay any interest to its investors. But when interest rates rise, it becomes more expensive for companies and individuals to borrow money, so they are less likely to invest in risky assets like bitcoin. Instead, they may choose to invest in safer investments that pay them interest. So if interest rates rise slowly, investors may still be willing to invest in bitcoin instead of those safer investments. Crypto total market cap reclaims the $1 trillion mark on the daily chart | Chart: TradingView.com Related Reading: Bitcoin Price Explodes 10% In 24 Hours With A Breach Of The $24,000 Level Since late last week, cryptocurrency prices have risen considerably, with market sentiment making a U-turn\u00a0as U.S. regulators acted swiftly to rescue depositors of Silicon Valley Bank and Signature Bank. Caitlin Long, chief executive and founder of Custodia Bank, underscored the noteworthy price performance of Bitcoin amidst a tumultuous week marked by the closure of the two lending institutions by U.S. authorities: Bank regulators: “chancellor on the brink of a second bailout for banks”\ud83e\udd2c#Bitcoin: “hold my beer”\ud83c\udf7b (up >30% since SVB bank run Thursday) pic.twitter.com\/LaxYqr035l \u2014 Caitlin Long \ud83d\udd11\u26a1\ufe0f\ud83d\udfe0 (@CaitlinLong_) March 14, 2023<\/p>\n","protected":false},"author":557,"featured_media":522205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,86356,6664],"class_list":["post-523148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-cpi-data","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Falls Back To $24,000 After Briefly Topping $26K<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined on Tuesday afternoon, reversing the day's early gains, as the broader crypto market reacted to the latest financial sector crisis\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-falls-back-to-24000\/\" \/>\n<meta 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Falls Back To $24,000 After Briefly Topping $26K – Will BTC Backpedal Further?","url":"http:\/\/wncen.com\/news\/bitcoin-falls-back-to-24000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-falls-back-to-24000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-16.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-16.png?fit=793%2C484"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","cpi data","crypto"],"dateCreated":"2023-03-15T09:30:10Z","datePublished":"2023-03-15T09:30:10Z","dateModified":"2024-06-11T14:34:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Falls Back To $24,000 After Briefly Topping $26K – Will BTC Backpedal Further?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-falls-back-to-24000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-falls-back-to-24000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-16.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-16.png?fit=793%2C484\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"cpi data\",\"crypto\"],\"dateCreated\":\"2023-03-15T09:30:10Z\",\"datePublished\":\"2023-03-15T09:30:10Z\",\"dateModified\":\"2024-06-11T14:34:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-16.png?fit=793%2C484","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/523148"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=523148"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/523148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/522205"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=523148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=523148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=523148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}