The total crypto market capitalisation surpassed USD 1 trillion mark on January 14, according to the data from CoinGecko.
In anticipation of inflation reaching its peak and then bottoming out, Bitcoin prices increased over USD 21000- on January 14, according to a report by Mint.
The biggest price rise in the bitcoin prices was up to 7.5 percent to USD 21,299. This marks the 11th consecutive rise in bitcoin prices in a row. Bitcoin has not been able to move over USD 20,000 in its value since November 8, the report added.
Moneycontrol could not independently verify this news development.
Additionally, Cardano and Dogecoin were trading in the green, up 11 percent and 5 percent, respectively, on Wazirx at 10:19 am on January 14, 2023.
Also Read | Cryptos are nothing but gambling, their value only make-believe: RBI governor
According to Bloomberg, the increases were in sync with consumer pricing data revealed last week that demonstrated a downward movement in inflation in January from December last year. Additionally, it is believed that Federal Reserve is going to follow a small rate hikes approach compared to previous significant rate hikes.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
