People & Money

Bitcoin back above $22k on a wave of investor optimism over inflation

The price of Bitcoin is holding above $22,000 this morning, after a bounce on Friday took the largest cryptocurrency by market capitalisation above $21,000 for the first time in more than a fortnight.

Bitcoin is currently changing hands for $22,155 – up about 2.62 per cent over the past 24 hours.

Also Read: Nigeria’s Stock Market Dips by N42bn over Profit-taking

The bounce comes ahead of tomorrow’s release of the latest Consumer Price Index (CPI), with investors hopeful for another slight decline in inflation that might drive the US central bank to dial back its current programme of interest rate increases.

Elsewhere, other major cryptocurrencies are mostly flat this morning, with the price of Ethereum down 0.19 per cent since this time yesterday to $1,756. Ethereum is expected to complete its long-awaited upgrade on Thursday, which will change the way its network approves transactions and potentially limit supply and give it stronger properties as a store of value similar to Bitcoin.

 

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