Bitcoin price spiked to nearly $19,000 per coin on thursday, with the total market capitalization for the overall crypto marketplace standing at $943 million, up 5.1% in the last 24 hours. ethereum, the number one proof-of-stake blockchain, was trading at $1,425.27, up 6.2%, while btc traded at $19,280 per coin on september 7, 2022. el salvador also made moves to establish digital asset laws and make way for its so-called volcano bond, with plans to use these bitcoin-backed bonds to pay its debts and fund its future bitcoin city.
Spike in bitcoin’s price occurred on thursday, and the market capitalization for the overall crypto marketplace saw an increase of 5.1%. it was also the 14th anniversary of the bitcoin genesis block, and el salvador had plans to launch its volcano bond. the federal reserve also released its december consumer price index (cpi) report, which signaled a better-than-expected outlook, helping to ease fears of a recession.
Spike in bitcoin’s price and the increase in the overall crypto marketplace’s market capitalization were likely due to the better-than-expected outlook signaled by the federal reserve’s december consumer price index (cpi) report. the cpi report measures the rate of change in the price of various goods and services in the united states, and is used as a critical indicator for gauging inflation. el salvador’s plans to launch its volcano bond may have also played a role in the spike in bitcoin’s price, as the latin american country planned to use these bitcoin-backed bonds to pay its debts and fund its future bitcoin city. despite the glimmer of thawing light at the end of the tunnel, crypto winter continues to batter the industry.