Bitcoin gains more than $1,850, price crosses $23,952

Most of the cryptocurrencies are recovering after the high volatility in the crypto market last week. The most valuable cryptocurrency, Bitcoin, has seen a strong rise. Its value has increased by $ 1,853 in the last one day. The price of bitcoin was at $ 23,953 on Thursday.

The second largest cryptocurrency Ether gained over 3.40 percent. Gadgets 360 crypto price tracker As of, the price of Ether was at $1,651. Its price has increased by $ 103 in the last one day. Apart from this, the prices of Binance Coin, Ripple, Cardano, Polygon and Solana have increased. In the last one day, the market capitalization of crypto increased by 8.60 percent to reach $ 1.12 trillion.

CoinDCX’s research team told Gadgets 360, “The Consumer Price Index in the US suggests prices rose by about 0.5 percent in January. This is slightly higher than the 0.4 percent forecast by economists. The US Labor Department says inflation Rate of 6.4 percent on a year-on-year basis. This indicates that inflation is coming down in the US for several months. With the improvement in the macro economic condition, the crypto market has a good rally after the inflation data Is.”

Joined major crypto exchanges at the end of last year FTX Bankruptcy had a big impact on the market. Due to this, a large number of investors had distanced themselves from cryptocurrencies. Clients’ funds were used by modifying FTX’s software. The exchange’s chief engineer changed the code to allow Alameda Research, the firm of FTX founder Sam Bankman Fried, to sell its assets even if it took a loss on the borrowed money. This exemption allowed the firm to borrow funds from FTX regardless of the value of the collateral. This change in code was caught by the US Securities and Exchange Commission (SEC). The SEC reported that Alameda Research was being given credit without any limit. The firm had secretly received billions of dollars in loans over two years.