The recent US Consumer Price Index (CPI) report came in higher than expected, with a 3.1% increase instead of the anticipated 2.9%.
This unexpected inflation figure triggered a market sell-off, causing both crypto and equities to bleed. Bitcoin, which had breached the $50K mark, fell back below $49K in response to the disappointing CPI report.
📉 On a 12-month basis, the US #CPI report was anticipated to come in at 2.9%. Instead, the result of 3.1% came in today, which has caused market cap bleeding in both #crypto and #equities. With #Bitcoin falling back below $49K today after breaching $50K for the first
(Cont) 👇 pic.twitter.com/VmKvXWjuG6
— Santiment (@santimentfeed) February 13, 2024
However, Bitcoin quickly rebounded today, crossing back above $50K and even reaching a new high at $51,667. This swift recovery follows the panic-induced drop triggered by yesterday’s CPI announcement.Â
Despite the market turbulence, traders who strategically position their portfolios with a mix of altcoins are still finding opportunities for profit.Â
📊 #Bitcoin is nearing another cross back above $50K, climbing back to $49.8K following the panic drop from yesterday's disappointing #CPI report. Traders that are attentively positioning their portfolios with the right combination of #altcoins are still profiting as
(Cont) 👇 pic.twitter.com/s6t4UGZ01r
— Santiment (@santimentfeed) February 14, 2024
Altcoins React Following Bitcoin Bullish Movements
Altcoins like $VET (+9%), $TAO (+8%), and $STX (+7%) have emerged as notable leaders over the past 24 hours, reflecting a degree of decoupling among different projects in the crypto space.Â
Investors can track social volume on various platforms to gauge which projects are garnering the most attention from the crowd.
Moreover, the total crypto market cap has surged past the $2 trillion mark, underscoring the resilience and growing significance of the digital asset market.
In other developments, recent data reveals that 8 exchange-traded funds (ETFs) collectively added 12,073 $BTC ($590M) to their portfolios, while Grayscale saw a decrease of 1,147 $BTC ($56M).
Notably, iShares (Blackrock) added 7,497 $BTC ($366.5M), and Fidelity added 3,039 $BTC ($148.5M) to their holdings.
Feb 13 Update:
8 ETFs added 12,073 $BTC($590M) today while #Grayscale only decreased 1,147 $BTC($56M).
#iShares(#Blackrock) added 7,497 $BTC($366.5M) and #Fidelity added 3,039 $BTC($148.5M).https://t.co/LmnSl15KiW pic.twitter.com/uzK8Q5m8KK
— Lookonchain (@lookonchain) February 13, 2024
These updates indicate a continued interest and investment in Bitcoin and other cryptocurrencies by institutional players, further solidifying the asset class’s mainstream acceptance and long-term potential.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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