Bitcoin closes to $19,000 as recession fears subside

Bitcoin closes to $19,000 as recession fears subside

As the broader financial markets see the light at the end of the tunnel, the bitcoin price is starting to show many signs of a positive recovery.

As bitcoin supporters are celebrating 14 years since whitepaper After the birth of bitcoin, the price of the world’s number one cryptocurrency skyrocketed to nearly $19,000 per coin in today’s trading session January 13.

bitcoin price chart

This is a level not seen since September 7, 2022, when BTC traded at $19,280 per coin.

Bitcoin’s rise brings the total crypto market cap to $943 million, up 5.1% over the past 24 hours.

total cryptocurrency market cap

The last two months of 2022 and early 2023 BTC price only fluctuated around the threshold of 16,500 USD due to the ‘unhappy’ developments in the financial market that had a negative impact on the price of BTC.

But when fears of a recession began to fade after the US Federal Reserve released its December Consumer Price Index (CPI) report at 6.5%, the situation in the cryptocurrency market was new. gradually recovered.

The CPI report measures the rate at which the prices of various goods and services change in the US and is used as an important indicator to gauge inflation.

There is more news that is likely to boost the price of bitcoin. For example, recently El Salvador established digital asset laws and paved the way for the so-called “Volcano Bond”.

The Latin American country will use bitcoin-backed bonds to pay off debts and finance the construction of its future “bitcoin city.”

The easing of recession fears is also good for other cryptocurrencies, like Ethereum, which has rallied 12.5% ​​over the past 7 days to $1,407, as reported on the update. Shanghai Preparing to launch next February.

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