Bitcoin surges above 26000 on easing US inflation

Bitcoin surges above $26,000 on easing US inflation

In February this year, US inflation fell to 0.4% from 0.5% in January and to 6% year-on-year from 6.4%. This emerges from the next report from the US Federal Bureau of Labor Statistics. Against this background, Bitcoin and a number of other cryptocurrencies continue to show steady growth.

    Image source: Getty Images

Image source: Getty Images

Earlier this week, the US government said depositors at bankrupt Silicon Valley Bank and Signature Bank would receive support to help protect depositors. Against this background, the Bitcoin exchange rate surpassed $24,000 per coin, followed by several other cryptocurrencies.

The success of digital assets didn’t end there, and today the cost of the world’s most popular cryptocurrency has surpassed $26,000 per coin. At the time of writing, one bitcoin was worth about $26,026 (data from CoinDesk), indicating an increase of more than 10% per day. After Bitcoin, a few other cryptocurrencies are showing positive momentum. For example, the price of Ethereum rose to $1,744 per coin, Solana to $21.96 per coin, and Dogecoin to $0.07 per coin.

    Image source: CoinDesk

Image source: CoinDesk

This week, the bitcoin exchange rate surpassed a nine-month high. This was facilitated by the slowdown in inflation and promises by the US authorities to support customers of failing banks. It is possible that the cryptocurrency will continue to strengthen its position and stimulate the growth of other digital assets.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment