When US inflation data is released, what will happen to the price of bitcoin?
Investors and dealers in Bitcoin eagerly anticipate the impact that US inflation data will have on the price of the cryptocurrency. Bitcoin has been on an incredible run since last Friday, recovering around 30% from its recent lows and breaking a new milestone above $26,000. The rise of cryptocurrencies coincides with massive bank runs and a crisis in the banking industry.
In addition to Bitcoin (BTC), Ethereum (ETH) has also seen an increase in value, currently trading above the $1,600 level. The value of most cryptocurrencies has increased overall as a result of this increasing trend in the prices of both BTC and ETH.