$BTC Surges Above $26,400 Level Thanks to U.S. CPI Data That Suggests the Fed Could Pivot Soon
TL;DR Bitcoin’s price has continued its post-SVB collapse rally, surging to a level of $26,400 for the first time since June 12, 2022. This rally has been helped by today’s BLS CPI announcement, which makes it easier for the Federal Reserve to pivot by starting to lower interest rates.
On Tuesday (March 14), the Bitcoin price continued its highly impressive post-SVB-collapse rally, surging above the $26,400 level for the first time since June 12, 2022.
Source: TradingView (One-Day BTC-USD Price Chart)
Source: TradingView (One-Year BTC-USD Price Chart)
Bitcoin’s post-SVB collapse rally has taken the $BTC price from around $19,616 to $26,471 for a gain of 35% in less than four days.
Source: TradingView (Five-Day BTC-USD Price Chart)
Schiff, who is one of Bitcoin’s harshest critics, is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities. He is also the Founder and Chairman of SchiffGold, a full-service, discount precious metals dealer.
However, this rally has not been strong enough to impress Schiff, who took to Twitter yesterday to say that although gold’s price has gone up less than Bitcoin’s price, that does not mean Bitcoin is the better inflation hedge, to which CZ, Co-Founder and CEO of Binance, jokingly responded by saying that everyone knows that gold is almost as good as Bitcoin:
Bitcoin, up over 17% today, got a helping hand today from the Bureau of Labor Statistics, a unit of the United States Department of Labor. According to a press release that it issued at 12:30 p.m. UTC on March 14, “the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in February on a seasonally adjusted basis, after increasing 0.5 percent in January.”
CPI 6.0% (6.0% expected).
Core inflation 5.5%.
Bitcoin mooning. — The Wolf Of All Streets (@scottmelker) March 14, 2023
Today’s CPI announcement makes it easier for the Federal Reserve to pivot by starting to lower interest rates, which is what it needs to do to help out many U.S. banks that could collapse if it continues to focus on fighting inflation by raising interest rates.
The Fed is trapped. Which way will they go?
A) Raise rates and continue to cause banks to fail.
or
B) Fed pivot, bailout banks balance sheets, inflation runs higher. https://t.co/H0Ht41MQIJ — Wall Street Silver (@WallStreetSilv) March 13, 2023