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Inflation Doping in Bitcoin and Cryptocurrencies

While the inflation in the USA fell to 6.5% benefited cryptocurrencies, Bitcoin saw above $ 19,000 for the first time since November 8th. Bitcoin, which has risen for the last 9 days, has gained 13.5% in 2023 so far. Although Bitcoin retreated to $ 18,860, giving back some of its gains, it has risen 3.6% in the last 24 hours.

Ethereum, on the other hand, experienced a more limited rise. Ethereum was up 0.8% on the day to trade at $14,014. Binance Coin rose 1.2% daily, while Ripple gained 0.4%, Cardano 0.3%, Dogecoin 1.1%, Polygon 2.6% and Solana gained 3.7%.

Analysts stated that the possibility of a 25 basis point increase in interest rates from the Fed on February 1 strengthened and the possibility of a 50 basis point increase is most likely off the table, as the inflation in the USA fell to 6.5% from 7.1% in November. He emphasized that the verbal guidance of Fed officials will now be followed until the said date. In November, Bitcoin fell below $19,000 with the outbreak of the FTX scandal.

Bitcoin, which lost more than 60% in 2022, carried its upward trend to 9 days. In 2023, it has gained 13.5% so far. While Ethereum rose 17.7% in 2023, Binance Coin gained 18.9%, Ripple 11.9%, Cardano 32% and Dogecoin 15.7% in the same period.

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