Bitcoin price witnesses a massive surge in volatility after the release of the US Consumer Price Index (CPI) on Thursday. An initial drop in BTC price is later taken over by buyers, resulting in a sharp move to the upside. CPI came out at 8.2% – above the 8.1% forecast, and Bitcoin price tumbled to $18,190 as expected, given expectations of continued aggressive rate-hiking from the Fed and a stronger US dollar. BTC price quickly recovered, however, rising back up to touch highs of $19,500. Going forward, high-impact news that affects the stock market will also continue to affect the big crypto due to the tight correlation between the two. However, an interesting development is brewing behind the scenes that hints at a potential start of a bullish regime, at least, in the short term.
XRP price continues to remain strong relative to other altcoins despite the recent downturn. Regardless, the crypto markets seem to be shifting their bias to favoring bulls, so investors can expect Ripple to continue its ascent.
Dogecoin (DOGE) price action was close to a meltdown on Thursday as DOGE price tanked on the back of stronger-than-expected inflation numbers out of the US. But, Dogecoin bulls came in and saved the day as traders focused on earlier prints of US retail prices coming down and that element not being reflected in the current inflation print. Traders are shrugging off the stronger number and buying into equities and cryptocurrencies.