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Stacks (STX) price has been on the rise while the cryptocurrency market, excited by Bitcoin reaching $50,000, experienced a sudden sell-off triggered by the latest US CPI data released on Tuesday. According to the Bureau of Labor Statistics, the Consumer Price Index (CPI), which is an indicator of the average price change for goods and services purchased by households, increased by 0.3% in January.
The Impact of US CPI on Bitcoin
High inflation could lead central banks to raise interest rates, which in turn might decrease investors’ appetite for riskier assets, including cryptocurrencies, and shift their focus to safer investments. At the time of writing, the leading cryptocurrency Bitcoin was trading at $48,990, down by 1.7% for the day.
Moreover, according to data from crypto analytics firm Coinglass, a total of 51,699 investors faced liquidations, resulting in $154.85 million worth of liquidations over the past 24 hours. While the mentioned price drop triggered a sudden sell-off in the altcoin market, Stacks coin continued its upward trend with a 7.8% increase.
Stacks TVL on the Rise
In line with the broader market recovery, the price of Stacks gained momentum with a rebound from the $1.45 support level in the second week of February. This positive turnaround triggered a 9-day winning streak, with a nearly 50% increase, reaching $2.157. The latest data from on-chain analytics firm DefiLlama shows that Stacks’ Total Value Locked (TVL) has risen to $70.21 million.
This data represents a significant growth of over 50% in the last three weeks. The development reflects the commitment of capital in the Stacks DeFi ecosystem and can indicate the overall participation and confidence of investors in its financial protocols. Amidst the current recovery, the STX price made a decisive breakout from the previous high resistance level of $2.06. The anticipated rally could then take the altcoin to $2.475 and subsequently to $2.82.
