Hold onto your hats, crypto enthusiasts, because Bitcoin just pulled off a dazzling move! It surged to a new weekly high, leaping over the $98,500 mark. Talk about a thrilling ride!
The buzz was all about the latest update from the United States Labor Department. They dropped the much-awaited Consumer Price Index (CPI) and Core CPI numbers for December, and guess what? They hit the nail on the head with what everyone expected.
Despite the looming shadows of inflation and the Federal Reserve playing it cool with no interest rate cuts this year, riskier assets like crypto decided to take a trip north. Yep, they totally ignored the fear factor!
To give you the lowdown: the CPI jumped by 2.9% over the year, right on target. The Core CPI, which conveniently skips over the unpredictable food and energy sectors, came in just a smidge under expectations at 3.2%.
Even though December saw the biggest price climb in eight months, and a touch higher than November's rise, Bitcoin decided to celebrate. It was chilling just below $97,000 before the CPI news, but as soon as the cat was out of the bag, it rocketed past $98,500. That’s Bitcoin’s highest peak in over a week!
And here's a fun fact: BTC has bounced up nearly ten grand from its low point on Monday, when it was hanging around $89,200. Looks like investors were getting a head start on the news, anticipating the inflation data like seasoned fortune-tellers!
So, who knows what Bitcoin will do next? But one thing's for sure, it's keeping us all on our toes!
