Bitcoin hit the accelerator this morning (12th), breaking through the $18,000 mark for the first time since mid-December, reaching a peak of $18,287.30. Bitcoin has climbed for nine straight days, its longest winning streak in 2020, according to data compiled by Bloomberg.
According to data from CoinGecko, Bitcoin is up 8 percent over the past seven days, trading at $18,222.14 by press time, and up 4.7 percent over the past 24 hours.
Ether, on the other hand, also rose about 5.5 percent to $1,405. Meanwhile, Dogecoin also rose 4.6 percent to $0.08.
At present, the market is paying close attention to the consumer price index (CPI) for December released on Thursday, from which to speculate on the extent of the Fed’s interest rate hike in early February. Investors are generally optimistic that the CPI data may further slow down the Fed’s aggressive hike breath space.
“Holders of risky assets such as cryptocurrencies are expecting a cooling of the CPI data to signal that inflation is slowing,” Wall Street investment advisory firm Fundstrat wrote in a report.
According to Edward Moya, a senior market analyst at Oanda, despite the rebound in the cryptocurrency market this week, many institutional investors remain cautious. He predicts:
If risk appetite remains unchanged after the CPI report, Bitcoin could surge to $18,500 again, and if the core price is disturbed, Bitcoin may fall back to the December 2022 low.