The January inflation data in the US and a context in which investor interest in new spot-based Bitcoin ETFs is growing set the stage for cryptocurrencies.
The cryptocurrencies are trading higher in a context in which Expectations lower regarding a possible rate cut in the short term in the United States. This happens after meeting January inflation data in the northern country and in a context in which investment interest in the new spot-based Bitcoin ETFs. That brought the cryptocurrency very close to US$50,000 in the last few hours, although it later moderated the rise and is now trading at US$48,849.
So, Bitcoin rises 13.2% in the last seven days, although it falls 2% in 24 hours, after the peak that took it to US$49,970but it is recovering ground today and does not abandon the proximity to US$50,000.
In this way, the leading cryptocurrency is again approaching 2-year highs, when on December 28, 2021 it touched US$50,720, before falling to a minimum of US$15,522 on November 9, 2022. , after the FTX debacle.
Ethereum and other cryptos on the rise
While, For Ethereum, everything is profit during these hours. It rises 11.5% in the last seven days and 0.55% on the day to US$2,623. It shows a positive performance, as do Solana (SOL), Cardano (ADA) and the stablecoin Tether (USDT).
Analysts maintain that Bitcoin is in a consolidation phase in an environment where exchange-traded funds (ETFs) are gradually gaining ground and miners continue to apply selling pressure.
A context with pros and cons for cryptos
This is observed despite the slight drop in Bitcoin that was recorded in the last few hours, after the strong jump that occurred on Chinese New Year’s Day, February 10, a date on which analysts expected a strong jump, as happened last year, when a significant rebound in cryptocurrencies was seen. This dynamic was seen between February 10 and 12, although then there was a downward adjustment and, at this time, a slight recovery is seen, although clouded by the negative expectation about a future Fed rate cut after the inflation data in the US.
Source: Ambito
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