Bitcoin has risen 30% in the first weeks of January after closing out 2022 with some of the worst declines in cryptocurrency history.
As the calendar switched to 2023, cryptocurrency was in the throes of a deep and dark winter. The value of nearly every digital asset, including bitcoin and ethereum, plunged greatly last year as investors pulled their funds. But cryptocurrencies have been staging a rally.On New Year’s Day, bitcoin was trading at about $16,500 and was generally below $17,000 for the stretch of time since cryptocurrency firm FTX’s dramatic implosion in mid-November.
An encouraging inflation report for December, coupled with news of labor market resiliency, is raising hopes that the economy might avoid a recession. Inflation slowed to 6.5% in the 12 months ending in December, the Bureau of Labor Statistics reported last week. On a month-to-month basis, prices fell by a tenth of a percentage point. That was right in line with expectations and shows that inflation is meaningfully cooling.
“Bitcoin looks to have recoupled with macro data as investors shrug off the FTX collapse,” James Butterfill, head of research at digital asset management firm CoinShares, told CNBC.
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