Crypto Market Update: Bitcoin Defies Inflation Fears

Bitcoin continues to rise despite higher-than-expected inflation reports, with prices reaching above $97,000. According to Andre Dragosch, head of European research at Bitwise, this could be due to signs that inflation may ease in the coming months, as indicated by the Truflation U.S. Inflation Index, which currently shows 2.06%. The Federal Reserve's cautious approach, fearing a repeat of the 1970s inflation scenario, may also be contributing to the buoyant behavior. Historical trends suggest the bitcoin bull market is far from over, with the 200-week moving average indicating potential for further price growth. Additionally, short-term holders have accumulated 1.5 million bitcoins since September, demonstrating continued demand. Other market developments include strong earnings from Coinbase, a potential bitcoin investment by Gamestop, and the launch of memecoins inspired by Binance founder Changpeng Zhao's dog, Broccoli. The volatility surrounding these events has affected the price of BNB, while bitcoin and ether have seen slight increases.