As Bitcoin surged above $19,000, some voiced concerns 2023
In the past 24 hours, the value of bitcoin has increased by about 5%, putting it over $ 19,000 for the first time since December The price of bitcoin traded at $19,29 in a Bloomberg report recently. At the time, whereas Bitcoin rose by 17%, Ethereum gained 5%.
A series of crises has caused the cryptocurrency market to lose about $4 trillion, which includes a series of crises involving the fall of the FTX stock exchange, which saw Bitcoin decline by about 74% from its highest level in November 2021 at $68,990.
Investors were betting that inflation would subside and that the Federal Reserve would gradually raise interest rates. This led to a rise in the prices of most types of assets at the beginning of 2023, together with the belief that inflation would subside.
Yesterday, according to what the government data showed, the inflation rate in the United States slowed down in December, recording its lowest level in more than a year. According to the government data, there is a possibility that the worst price hikes are coming to an end.
In December, the Labor Department reported that the consumer price index had increased by 5% compared to the same month last year, which was the lowest increase since October 2021, according to a report released by the department.
As a result of the index declining as compared to the year-ago figure of 1%, the index has recorded a decline since November.
In a statement released today, the Ministry of Labor stated that the gasoline index contributed the most to the decline in commodity prices this month, with the petroleum index contributing the most to the decline.
Based on the information provided by this ministry, there is still a factor that results in higher consumer costs which is the high rent.
It is the first time since nearly two years that the consumer price index has declined by 0.1% from November to December. This is the first time in nearly two years that this indicator has fallen by 0.1% in a single month.