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Bitcoin jumps above $18,000 amid good news from FTX lawyers and declining US inflation.

Published: 2023-01-13

The bitcoin exchange rate has overcome the mark of $18 thousand, which is the best achievement of the cryptocurrency in the last few weeks. The growth in the value of bitcoin was facilitated by a slowdown in inflation in the United States, as well as the news that the lawyers of the bankrupt crypto exchange FTX returned access to assets worth billions of dollars.

Note that the rate of the world's largest cryptocurrency rose above $18 thousand for the first time since December 14 last year. At the time of writing this note, one bitcoin was given about $18,109, and the daily increase was almost 4%.

The increase in the value of bitcoin was facilitated by the statement of the lawyers of the bankrupt crypto exchange FTX, who managed to restore access to "liquid" assets in the amount of about $ 5 billion, including cash and digital assets. The publication of inflation data in the United States also contributed to the growth of bitcoin. The consumer price index in December fell by 0.1% on a monthly basis, which is in line with the Dow Jones forecast. However, on an annual basis, prices rose by 6.5%, which is slightly less than the jump of 7.1% recorded in November and well below June's 9.1%.

Investors expect that slowing inflation will put pressure on the US Federal Reserve and force it to abandon further interest rate hikes. The Fed and other central banks have been raising interest rates for much of the past year to contain skyrocketing inflation, causing the cryptocurrency market to plummet. Now, investors have hope that the Fed will cut rates, which will reduce pressure on risky assets, which include cryptocurrencies.