BTC/USD: Bitcoin Claws Back from $94,000 as Traders Buy In After Hot Inflation Report
Uptick in consumer prices knocked a few thousand off Bitcoin but risk takers jumped right back in, buoying the price. 🔥 Seesawing Crypto in ActionBitcoin prices seesawed Thursday morning, extending the volatile swings from a day earlier when crypto traders reacted to the latest inflation data out of the US. Turns out, consumer prices are back where they were seven months ago — at , above the 2.9% expected.. The news wasn’t well received by Bitcoin maxis who rushed to sell their beloved token. Prices dipped to levels below $94,000 from $97,000. But it lasted only for a while. 🟠 Orange Coin Stages ComebackThe OG token staged a powerful comeback, erasing all the decline to resurface above $97,000 a piece on Thursday. The crypto is still hot to the touch as participants digest the latest on inflation and try to figure out how it could impact the fledgling digital asset market. One thing that’s worrying risk takers is whether looming inflation pressures are here to stay after a yearslong battle between the Federal Reserve and stubborn price growth. 🖼️ Rate Cuts Out of Picture?The Fed, headed by Jay Powell, recently paused its aggressive rate cuts and said it’s closely monitoring incoming data. Well, that incoming data hasn’t been in favor of lowering borrowing costs. So traders might as well incorporate that into their trading strategies moving forward. Besides Bitcoin, other big names in crypto also made some good gains after the inflation report. Ethereum popped more than 7% to $2,730 and Solana neared $200 a piece after previously trading at $190.