Cryptocurrency

Bitcoin approaches $19,000 price mark

Hull Invest

Bitcoin (BTC) value is currently approaching $19,000.

This asset was worth $18,975 on January 12th at 9pm UTC. The price represents an 8.05% gain in one day since it was priced near $17,561 just 24 hours ago.

Bitcoin Price on Jan 12 (PST) by CoinGecko

Bitcoin’s sudden rise may be due to the Consumer Price Index (CPI) update released today. That report was consistent with inflation estimates of 6.5% year-over-year, and Bitcoin’s price was more or less stable at the time of the report.

Expectations for the CPI report gave Bitcoin a foundation to build on earlier today.Before the CPI data was released, the price of Bitcoin was near $18,250. Following the ensuing decline in value, Bitcoin quickly recovered and the price rose further.

Despite Bitcoin’s profits, some professional investors such as Peter Schiff Recommended Bitcoin holders selling prior to CPI data reports. Noting that Bitcoin has hit his three-week high, Schiff suggests that the asset is likely to lose value following the report. he calls this “great opportunity holder sell” Bitcoin for gold.

Schiff’s prediction has not yet been proven correct, but it is certainly possible that Bitcoin will lose value in the near future.

Bitcoin, as always, is by a wide margin the largest cryptocurrency.But its sudden price surge also helped it rank up against stocks and other traditional assets. 20th largest assetranked higher than Mastercard (MA) and Facebook or Meta (META).

Asset growth has also benefited elsewhere in the crypto market. Ethereum (ETH) is up 6.7% over the past 24 hours, while the overall cryptocurrency market is up 5.5%.

Posted In: Bitcoin, Analysis

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