Bitcoin’s sudden resilience to inflation
#Bitcoin rose 1.1% on Wednesday, ending the day around $19.7K, and was back above $20K on Thursday morning. Ethereum has added 4.3% to $1100 in the past 24 hours. Top altcoins are adding from a modest 0.1% (Dogecoin) to a more notable 3.7% (Solana).
Total crypto market capitalisation, according to ConMarketCap, rose 2.6% overnight to $896bn.
US inflation data came out stronger than expected yesterday, which triggered an impulsive wave of dollar appreciation and a sell-off in risky assets, sending Bitcoin briefly below $19K. However, it is essential to note that the first cryptocurrency found buyers quite quickly on the decline to these levels and has already more than recovered its losses. This is a notable moment, as crypto has often taken on the role of a leading indicator of market sentiment in recent months.
