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COINTURK NEWS > Altcoin News > Stacks (STX) Price Rises as Bitcoin Hits $50,000
Altcoin News

Stacks (STX) Price Rises as Bitcoin Hits $50,000

In Brief

  • Stacks (STX) price reacts to latest US CPI data.

  • High inflation could shift investors to safer assets.

  • Stacks maintains growth despite altcoin market sell-off.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Stacks (STX) price is experiencing excitement in the cryptocurrency market as Bitcoin price surges to $50,000, while the latest US CPI data released on Tuesday triggered a sudden sell-off. According to the Bureau of Labor Statistics’ latest statement, the Consumer Price Index (CPI), an indicator of the average price change for goods and services purchased by households, increased by 0.3% in January.

Contents
The Impact of US CPI on BitcoinStacks TVL on the Rise

The Impact of US CPI on Bitcoin

High inflation could lead central banks to raise interest rates, which in turn may reduce 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.

However, according to data from crypto analytics firm Coinglass, a total of 51,699 investors faced liquidation, resulting in $154.85 million worth of liquidations in the last 24 hours. The mentioned price drop triggered a sudden sell-off pressure in the altcoin market, while 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 the price rebounding from the $1.45 support level in the second week of February. This positive turnaround triggered a 9-day winning streak, recording approximately 50% growth to reach $2.157. The latest data from on-chain data analytics firm DefiLlama shows that Stacks’ total value locked (TVL) has risen to $70.21 million.

This data represents significant growth of over 50% in the last three weeks. The development represents the capital commitment in Stacks’ DeFi ecosystem and may reflect investors’ overall participation and confidence in its financial protocols. Amidst the current recovery, the STX price made a decisive break from the recent high resistance level of $2.06. The anticipated rally could take the altcoin to $2.475 and then to $2.82.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 14 February, 2024 - 8:21 am 14 February, 2024 - 8:21 am
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