BTC increases at 20-day high stalls of over 24,000: market observation before the CPI publication

BTC increases at 20-day high stalls of over 24,000: market observation before the CPI publication

Today today is developing into another interesting day in the cryptocurrency industry, since the problems of some banks still exist in the United States.

In addition, the US Bureau of Labor Statistics will publish the CPI numbers during the day-an event that is typically associated with considerable volatility. Let's dive.

The Bitcoin price increases to a 20-day high

Since the US government has committed itself to saving savers at Silicon Valley Bank in view of the Ministry of Finance, the Federal Reserve and the FDIC, the cryptocurrency industry.

The Bitcoin price is currently being traded over $ 24,000 after it has reached a maximum of around $ 24,820 (on Binance). This marks a 20-day high.

Tradingview

Part of the increase is also the fact that Binance has decided to convert about $ 1 billion (from your Industry Recovery Initiative) from Busd in Bitcoin, Ethereum and Binance Coin.

Since the CPI publication takes place later, market volatility is expected. It is also worth noting that after developments at SVB, Signature Bank and Silvergate Bank, many large institutes put the Federal Reserve under pressure, the interest during the FOMC session, which takes place later in March. This also set the market under upward printing.

old coins painted green

Altcoins also develop very well, although it is obvious that BTC did better than others. Ethereum managed to tap $ 1,700, and it is interesting to see whether the cryptocurrency can overcome this important level.

At the same time, others such as LTC and DOT also record considerable profits. All in all - Bitcoin's dominance has increased in the last few days. This is the key figure that measures its capitalization in relation to that of the rest of the market, and it shows the strength of BTC at the moment.

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The best performer among the top 100 coins in the last 24 hours is CFX-a plus of a whopping 30 %. WBT has also increased by about 17 %, followed by OKB and RPL - both of which rose by about 14 % at the time of writing this article.

At the other end of the spectrum, we have Leo, which did not add and even gave up by about 5 %.

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