The announcement on Thursday last week that the US consumer price index for Dec. 2022 fell to 6.5% from 7.1% year-on-year gave rise to optimism in the markets. With the Fed's tight monetary policy, the inflation rate in the US has been declining for the sixth consecutive month. Even though the unemployment data for Dec. 2022 showed us that the unemployment figures in the US are still lower than expected, wage growth in the country has slowed down. With the optimism that the Fed will abandon its high interest policy sooner than expected, Bitcoin, in correlation with the Nasdaq, came back to the $20,000 level after a long time. We have also seen smaller rallies in many altcoins.
BTC has decreased by 1.96% in the last 24 hours. In addition to macroeconomic data, the internal dynamics of the cryptocurrency market are influential in price movements. News about the planned bankruptcy filing of Genesis Global Capital, a cryptocurrency lending platform owned by Digital Currency Group (DCG), and the US Department of Justice's announcement to sanction a global crypto asset platform may also have influenced Bitcoin's decline today.
