Bitcoin (BTC) is now worth around $19,000 USD. At 9:00 p.m. UTC on January 12, the asset was worth $18,975. That is an increase of 8.05% in one day, as the asset was priced near $17,561 just 24 hours ago.
It’s recent surge could be attributed to the Consumer Price Index (CPI) update, which was released earlier today. That report matched estimates of 6.5% year-on-year inflation, and Bitcoin prices remained relatively stable at the time.
The anticipation of the CPI report also provided a foundation for earlier today. BTC was trading near $18,250 prior to the release of the CPI data. After a brief drop in value, Bitcoin quickly recovered and prices rose even further.
Despite Bitcoin’s gains, professional investors such as Peter Schiff advised BTC holders to sell ahead of the CPI data report.
Bitcoin was at a three-week high, implying that the asset would likely lose value following the report, according to Schiff. He described it as a “great opportunity for HOLDERS to sell” Bitcoin for gold.
Though Schiff’s prediction has yet to be proven correct, it is possible that Bitcoin’s value will fall in the near future. Bitcoin is, as usual, by far the most valuable cryptocurrency. However, its unexpected price increase has aided it in rising above stocks and other traditional assets.
With a market capitalization of $365 billion, it briefly surpassed Mastercard (MA) and Facebook (FB) to become the 20th largest asset (META).
The asset’s rise has also resulted in gains elsewhere in the cryptocurrency market. Ethereum (ETH) is up 6.7% in the last 24 hours, while the cryptocurrency market as a whole is up 5.5%.
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