ยฉ Reuters.
The cryptocurrency market showed resistance this Thursday and (BTC) maintained its position around the $26,000 mark for the second day in a row. This stability comes despite higher-than-expected US inflation data and cryptocurrency exchange FTX's approval to liquidate its remaining assets.
On Wednesday, September 13, 2023, FTX received approval from a bankruptcy court to sell its crypto assets. The news caused a slight retraction in the price of Bitcoin, which had risen to $26,350 during the afternoon hours in the United States. On Thursday, Bitcoin was trading around $26,000.
Other major cryptocurrencies also demonstrated resilience. Despite speculation of a major drop due to FTX liquidations, (SOL) advanced earlier on Wednesday and remained in the green on Thursday. Altcoins like BNB, Polygon, and also tried to recoup their losses in the last 24 hours.
On Wednesday, the US government's Consumer Price Index (CPI) report for August showed that headline inflation rose to 3.7% year-on-year from 3.2% the previous month. This increase was higher than economists' forecasts of 3.6%. Even though this data indicates the largest monthly increase since June 2022, Bitcoin and other cryptocurrencies managed to hold firm.
The cryptocurrency market's resilience to these developments is interpreted by some as an indication of Bitcoin's potential as a hedge against inflation. However, it remains to be seen whether Bitcoin will continue to maintain its current price level. The support level to watch is $24,500.
The overall market sentiment over the past 24 hours remained positive with 47 of the top 50 cryptocurrencies trading in the green. also surpassed the $1,600 mark, gaining more than 1.8%. The Crypto Fear and Greed Index improved to reach the 45 mark, indicating a balanced market sentiment.
This article was generated with the support of AI and reviewed by an editor. For more information consult our T&C.
