Bitcoin, the world’s largest cryptocurrency, rallied previous the US$26,000 mark at 09:15 p.m. in Hong Kong, shortly after the discharge of the U.S. Consumer Price Index (CPI), which indicated a drop in annual inflation price to six% in February.

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• The inflation knowledge was in keeping with the expectations of the market and a lower from January’s price of 6.4%. CPI rose 0.4% on the month, decrease than 0.5% in January.  
• Housing stays a giant contributor to the index, accounting for over 70% of the month-to-month improve.
• Meanwhile, Bitcoin jumped 6.10% to soar previous the US$26,000 mark, a stage not seen since June 2022, in keeping with CoinMarketCap data.  Ether additionally loved a bump, rising 4.57% to US$1,767.
• This improve in cryptocurrency costs boosted the entire crypto market capitalization by 12.15% previously 24 hours to US$1.14 trillion. 
• Market analysts had been beforehand predicting that the Federal Reserve would take into account 50 foundation level price hikes on the subsequent Federal Open Market Committee assembly scheduled for subsequent week. However, current occasions have modified expectations relating to rates of interest.
• The failures of Silicon Valley Bank and Signature Bank over the previous weekend have triggered many market watchers to revise their predictions. Some analysts even believe that the Fed might resolve to depart charges unchanged.
• “While a 50 basis point interest rate hike was seen as increasingly possible last week, U.S. bank issues have shifted expectations toward lower raises,” Ahmed Negm, head of market analysis at buying and selling platform XS.com, mentioned in an announcement.

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