Bitcoin makes a comeback: Surpasses $22K despite calm reaction to inflation data

Crypto News: As of February 14, Bitcoin, which is the cryptocurrency with the largest market capitalization, saw a rise of 1.56% and was trading at $22,075 . Meanwhile, Ethereum had a rise of 3.67% and was trading at approximately $1,550.92 .

The value of bitcoin (BTC) dropped approximately $100 and was trading at $21,770 as of press time. In addition, the Nasdaq 100 futures saw a slight decrease of 0.25%. Traders are closely monitoring the pace of inflation, which has remained high but has shown a decrease over the past few months.

Although a continued decrease may allow the U.S. Federal Reserve to potentially pause its rate hike cycle, this morning’s report suggests that additional efforts are necessary. At present, the market anticipates that the central bank will increase its benchmark Fed Funds rate by 25 basis points during its next two meetings (scheduled for March and May), followed by a pause.

As the world of cryptocurrency continues to evolve, there are bound to be bumps in the road. One recent example of this is the temporary halt of Paxos’ issuance of Binance USD (BUSD) on February 14, 2023. This move was made in response to an order from the US Securities and Exchange Commission (SEC).

Paxos is a New York-based company that offers blockchain-based financial solutions, including stablecoins like BUSD. Binance USD is a stablecoin pegged to the US dollar, and it is one of the most popular stablecoins in the crypto world. It is used on the Binance cryptocurrency exchange and other platforms.

The reason for the SEC’s order is not yet clear, but it is likely related to concerns about the regulation of stablecoins. Stablecoins are digital currencies that are pegged to the value of another asset, such as the US dollar or gold. They are designed to be stable and less volatile than other cryptocurrencies like Bitcoin.

Major cryptocurrencies are trading as follows as of 9 am IST, 14 February 2023 :

Bitcoin: $22,273.25

+1.47%

Ethereum: $1,573.74

+3.17%

Tether: $1.02

-0.04%

USD Coin:$1.00

-0.00%

BNB: $299.46

+1.70%

XRP: $0.3848

+3.39%

Dogecoin: $0.08711

+5.23%

Cardano: $0.391

+8.31%

Polygon: $1.26

+5.81%

Polkadot: $6.27

+1.41%

Tron: $0.06734

+2.11%

Litecoin: $96.91

+5.50%

Shibu Inu: $0.00001294

+3.47%

Solana: $96.91

+5.50%

Latest Business News