Despite the US authorities’ tighter regulatory approach on digital assets, the crypto market soared on Thursday. Today’s crypto star, Bitcoin price, climbed to its highest level since mid-August 2022. Major economists believe that the recent Consumer Price Index (CPI) report had little impact on the crypto market surge.
January CPI report showed a tendency in inflation but affected the US stock market. CPI eased to 6.4% from December, slightly higher than the 6.2% consensus estimate. On Tuesday, the Dow and S&P were down by 0.46% and 0.03%, respectively. And the NASDAQ has gained around 16% this year, and Bitcoin surpassed the index this year by up 49%.
At press time, BTC is trading at $24,434, up by 7.24% in the last 24 hours, and the current dominance of Bitcoin is 42.71%, an increase of 0.88% over the day. According to CoinMarketCap, the total market volume over the last 24 hours is $74.66 billion, which makes a 26.15% growth. Crypto-related stocks also went high following B
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