Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year

Bitcoin price recovered to within $45k after sliding below $44k as analysts indicated probable swings for the flagship cryptocurrency. The release of US inflation rates seems to have had no effect on the king cryptocurrency. Bitcoin’s price rose past a crucial barrier overnight Wednesday, reaching $45,300, before falling as the broader market dipped in early trades after US markets opened. Bitcoin Unaffected By Inflation Rates Over the previous 24 hours, BTC/USD has moved in a range of $43,402.81 – $45,398.91, exhibiting high volatility. Trading volume has climbed by 16.21% to 28.8 billion dollars, while the overall market cap is around $860.47 billion dollars, leading in a 42% market dominance. As investors analyzed new US inflation data, which came in at 7.5% year-over-year vs an expected 7.3%, the earlier decline took shape. Risky assets like crypto and equities have reacted negatively, with all eyes on the Federal Reserve’s upcoming rate hike in March. BTC/USD steadies above $45k. Source: TradingView Despite being 0.2% higher than predicted, rising inflation did not have the same favorable impact on risk assets like Bitcoin as it had in recent months. The S&P 500 fell 0.23%, the Nasdaq composite fell 0.18%, and the Dow Jones Industrial Average remained barely above the flat line. According to analysts, the Federal Reserve may now have additional motivation to begin raising interest rates sooner due to the s...