Cryptocurrency Recovery Begins as Bitcoin Jumps Above US$18K

Seems like cryptocurrency recovery has finally begun as Bitcoin (BTC) sees a jump above US$18k in a ninth-day winning streak. The most popular cryptocurrency has not witnessed any such positive news since July 2021.

As per CoinMarketCap, Bitcoin is currently trading at US$18,956 and is up 4.39% in the last 24 hours.

The huge improvement in the prices of the most favorite cryptocurrency was welcomed by crypto fanatics and Twitter alike. On Wednesday, hedge fund Moskovski Capital’s CEO, Lex Moskovski, tweeted:

“[Bitcoin] Shorts are getting smoked royally. US$86M in the last 4h.”

It is worth noting that BTC’ had slumped about 65% over the last year. It had been a tough time for the wider crypto market with the crash of Terra Luna, Celsius Network bankruptcy, and the massive FTX collapse which was the second-largest exchange at the time of its bankruptcy. The long-standing bear market trends also triggered growing apprehension towards the industry.

Several Twitter users, however, took the news with caution as they reminded investors that a BTC price rally is typical before the release of US Consumer Price Index (CPI) data.

Also note that, on January 12, the US Labor Department announced the CPI of 6.5% YoY for the month of December 2022. Apart from BTC, Ethereum, too, saw a jump and is currently trading at US$1,410.