Bitcoin Price Prediction as US CPI Data is Released – Here's Where BTC is Headed Now

cryptonews.com:

Bitcoin, the world's largest cryptocurrency, halted its downward rally and climbed beyond the $22,000 mark. During New York trade, BTC rose by up to 3.2% to $22,323, after dipping earlier in the day. Meanwhile, Ethereum, the second most valuable cryptocurrency, has also risen back above the $1,500 mark. 

According to Coinmarketcap statistics, the overall market value of all cryptocurrencies is $1.03 trillion, up 2.12% on the day.

The increase in cryptocurrency prices followed the release of US Consumer Price Index (CPI) statistics for January, which showed a lower-than-expected decline in inflation. Additionally, the easing of concerns over cryptocurrency regulations has been a significant factor in supporting the crypto industry. As a result, long-term investors continue to hold BTC, as evidenced by the ongoing price gains in Bitcoin.

Moreover, the growing popularity of the Ordinals NFTs protocol, which enables the integration of non-fungible tokens with Bitcoin, has driven an increase in activity on the network. 

Meanwhile, the DBS crypto exchange, which is not available to retail traders, now facilitates trading in Bitcoin, Ether, XRP, Bitcoin Cash, DOT, and ADA. This development is believed to be another important factor in maintaining high Bitcoin prices.

The global cryptocurrency market has regained its momentum and is once again trading above the $1 trillion mark. Most cryptocurrencies have increased in value due to the US Consumer Price Index (CPI) figures for January, which showed a lower-than-expected inflation rate.

Bitcoin has rebounded from recent lows and is currently trading above $22,000 per coin, while Ethereum has also surpassed $1,500.

It is worth noting that the markets initially experienced a downturn, but