Bitcoin back above US$26,000 after CPI release
Bitcoin rose on Thursday morning in Asia and traded above the $26,000 support level. Ether also rose and reclaimed $1,600. All other top 10 non-stablecoin cryptocurrencies rose, with Solana leading the gainers with a 24-hour increase of over 2%. The rally followed the release of the US consumer price index (CPI) on Wednesday, which showed an acceleration in the annual inflation rate in August, while the core CPI, which excludes food and energy prices, caused a slowdown. U.S. stock futures traded higher after Wall Street closed mixed on Wednesday.
Bitcoin reclaims $26,000; Altcoins Stable After Bankrupt FTX Gets Liquidation Approval
According to CoinMarketCap data, Bitcoin rose 1.45% in the last 24 hours to $26,251.64 as of 7:20 a.m. in Hong Kong, up 1.88% for the week. The world’s largest cryptocurrency reclaimed the $26,000 support level on Wednesday afternoon and hit an intraday high of over $26,370 early Thursday morning.
Despite reclaiming the key $26,000 mark, Bitcoin’s momentum appears to have weakened on Tuesday but is “still strong enough to hold most of what was recaptured after the bounce,” said Keith Alan , co-founder of monitoring resource Material Indicators. tweeted On Wednesday.
Bitcoin still faces several technical resistance levels, including a “death cross” between the token’s 50-day and 200-day simple moving averages – currently at $27,444 and $27,670 – as well as a 100 moving average -day average at $28,292 represents the upper limit of the range, according to Alan Tuesday.
Ether also gained 0.95% to $1,609.32, but was still trading 1.64% lower over the past seven days. The second-largest cryptocurrency hit a 24-hour high of $1,619.11 on Tuesday evening.
Bitcoin and Ether prices briefly fell early Thursday morning in Asia after bankrupt crypto exchange FTX received court approval to sell $3.4 billion worth of its crypto assets. The sale is capped at $100 million per week and can be expanded to $200 million.
FTX’s current crypto holdings include $1.16 billion worth of Solana’s SOL and $560 million worth of Bitcoin, according to a court filing on Monday.
Despite the impending FTX liquidation, crypto prices remain largely stable. All other top 10 non-stablecoin cryptocurrencies posted gains in the last 24 hours. SOL led the gainers, rising 2.70% to $18.43 but losing 6.70% for the week.
Visa wrote in a research report on Tuesday that the Solana blockchain “has characteristics such as high transaction throughput and scalability at low costs that help make it a good candidate for payments and Visa’s stablecoin settlement pilot,” the global payments giant announced a partnership with Solana on September 5th to expand its USDC stablecoin settlement pilot to Solana’s blockchain
The total crypto market cap increased by 1.07% to $1.04 trillion in the last 24 hours, while trading volume fell by 21.30% to $27.63 billion.
