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Bitcoin Rally Cools After Surge to the Highest Level Since June

  • Token has risen about 25% since Silicon Valley Bank failure
  • Core CPI increase adds to crypto inflation-hedge idea for some
Updated on

Bitcoin’s four-day rally cooled after the largest cryptocurrency climbed above $26,000 for the first time since June on growing optimism that the digital-asset sector will weather the recent turmoil in the US financial system.

The original digital currency increased as much as 9.4% to $26,510 before cutting the increase by about half on Tuesday. It has rallied about 30% since Silicon Valley Bank failed on March 10. Data from derivatives-trading data site Coinglass show that about $230 million in short crypto positions were liquidated in the past 24 hours.