Bitcoin Breaks $26K: Crypto Markets Surge on New Data

• Bitcoin price breaks $26K as US Department of Labor releases latest Consumer Price Index data.
• Cryptocurrencies rally amid closure of last major crypto bank in U.S.
• UK bank NatWest limits daily crypto payments, BTC/USD, ETH/USD and LTC/USD see gains.

Bitcoin Price Breaks $26K

The price of Bitcoin saw a sharp uptick over $26,000 as the United States Department of Labor released the latest Consumer Price Index data for February 2023. Investors were also betting that the Federal Reserve will be less aggressive in raising interest rates now that authorities have stepped in to limit the fallout from Signature Bank, the last major crypto bank in the U.S.

Cryptocurrency Rally

Cryptocurrencies surged even after regulators announced the closure of Signature Bank, with investors hoping for a more relaxed monetary policy from the Fed due to its intervention in stabilizing the situation with SVB and Signature.

NatWest Limits Crypto Payments

NatWest has joined other banks in imposing restrictions on customers making payments to cryptocurrency exchanges by limiting them to 1,000 British pounds per day and 5,000 British pounds over a 30-day period.

BTC/USD & ETH/USD Explosion

The Bitcoin-Dollar pair exploded 1.1% while Ethereum-Dollar pair skyrocketed 1.1% during their respective last sessions. The Stochastic-RSI and RSI both pointed to an overbought market while Ripple-Dollar pair dipped 0.2%. Litecoin-Dollar pair also saw an impressive surge of 1.1%, with positive signals from CCI indicator as well.

Economic Calendar Events

                                                                                                                               The US Retail Sales and Producer Price Index will be released at 12:30 GMT while Eurozone’s Industrial Production will be out at 10:00 GMT today – all events which could have an impact on cryptocurrency prices going forward into tomorrow’s session..