• Bitcoin (BTC) rose back above the $22,000 mark, following the release of US Consumer Price Index (CPI) statistics.
• Ethereum, the second most valuable cryptocurrency, has also risen back above the $1,500 mark.
• The growing popularity of Ordinals NFTs protocol and the launch of DBS crypto exchange has contributed to Bitcoin’s current rally.
Bitcoin Prices Surge on Release of US CPI Data
The world’s largest cryptocurrency, Bitcoin (BTC), halted its downward rally and climbed beyond the $22,000 mark during New York trading after the release of US Consumer Price Index (CPI) statistics for January showed a lower-than-expected decline in inflation. Meanwhile, Ethereum, the second most valuable cryptocurrency, has also risen back above the $1,500 mark. According to Coinmarketcap statistics, the overall market value of all cryptocurrencies is now $1.03 trillion, up 2.12% on the day.
Easing Regulations & Growing Popularity of NFTs Driving Crypto Rally
The increase in cryptocurrency prices followed by an easing of concerns over cryptocurrency regulations have been major factors in supporting the crypto industry which resulted in long-term investors continuing to hold BTC as evidenced by its ongoing price gains. Additionally, growing popularity of Ordinals NFTs protocol which enables integration with non fungible tokens with Bitcoin is driving increased activity on its network while DBS crypto exchange now facilitates trading in Bitcoin along with other cryptocurrencies like Ether, XRP and so on which further contributes to BTC’s rising prices .
What Does This Mean For Crypto Investors?
This news is likely to be seen positively by those who are bullish about cryptocurrencies as it shows that there is still a large investor base that continues to hold their BTC despite recent falls in value due to regulatory issues and market volatility. The launch of DBS crypto exchange for retail traders will likely see more institutional investors entering into this space thus further pushing up prices for these assets even higher .
Risk-On Crypto Market Outlook
Going forward one should expect greater volatility in this asset class coupled with some upside potential depending on how well new technologies such as Ordinals NFTs protocol are received by market participants and whether further regulation changes take place that would make investing easier for retail investors .
Conclusion
Overall this news is positive for those invested or interested in cryptocurrencies as it shows that there is still strong demand from buyers despite some negative press recently surrounding cryptos . Long term investors should continue to keep an eye out for any new developments or regulations that could affect their investments moving forward but should remain confident that prices will continue rising if current trends continue .