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Bitcoin Turns Higher, Reversing CPI-Related Tumble
The shorts have mostly been in control since the Trump inauguration and perhaps decided to book profits.
What to know:
After slumping to just above $94,000 earlier Wednesday following far stronger than expected U.S. inflation data, bitcoin (BTC) has reversed higher, climbing to $97,500.
Other digital assets have also rallied off the lows, but bitcoin is leading with a 1.4% advance over the past 24 hours against the broader CoinDesk 20 Index's 0.5% gain.
Testifying before Congress for a second consecutive day, Federal Reserve Chairman Jerome Powell said today's CPI print showed the central bank is close, but not quite there on inflation.
The price of bitcoin peaked above $109,000 in the hours prior to President Trump's inauguration on Jan. 20 and has been in a downtrend since. The roughly 4% reversal from this morning's low could be little more than satiated bears taking some profits.
U.S. stocks have also bounced from their worst levels, with the Nasdaq now down just marginally after having been lower by more than 1%.
Also perhaps lightening the mood in both crypto and traditional markets is what President Trump is touting as a highly productive phone call with Russian President Putin regarding an end to the war in Ukraine.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
