Bitcoin Bounces Back as CPI Data Surprises the Market – BitRss

The largest cryptocurrency, Bitcoin (BTC ($83,641.61)) $82,970, has managed to find stability above $80,000 after retreating to $76,000 due to ongoing selling pressure. This recovery in Bitcoin has also triggered upward movements in altcoins. The upward trend in both Bitcoin and altcoins has led to a 0.91% increase in the total market value, which now stands at $2.64 trillion. As the market shows signs of recovery, the eagerly awaited U.S. Consumer Price Index (CPI) data has just been released.

Impact of CPI Data on the Cryptocurrency Market

The inflation data in the U.S. is significant enough to influence the short-term trends in the cryptocurrency market along with global markets, making February’s CPI figures highly anticipated. Those figures have been released recently.