After inflation-data collapse, Bitcoin rallies from below $23,000

After Friday's economic data sent risk assets tumbling over fears that the Federal Reserve will continue to raise interest rates, BitcoinBTCUSD +1.03% increased on Monday to partially recover its footing after Friday's economic data sent risk assets tumbling over fears that the Federal Reserve will raise interest rates yet again.

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Bitcoin's price has risen by 0.6% over the last 24 hours to reach more than $23,382, up from levels of below $23,000 that were observed over the weekend, when the price was below $23,000.

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It was reported earlier this week that the price index for personal consumption expenditures was higher than expected, taking a toll on the largest digital currency as well as a wide range of other market assets as a result. Bitcoin dropped from about $24,000 as a result. 

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“Smooth performance across all sectors this morning indicates a possible end to the bearish correction that may have been brought about by last week's decrease in appetite for riskier assets,” Pierre Veyret, an analyst at ActivTrades, said. 

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Beyond Bitcoin, EtherETHUSD +1.18%  -the second-largest cryptocurrency -also rose over 2%, reaching close to $1,640, the highest it has been in over a year. Smaller cryptos or altcoins were weaker, with CardanoADAUSD -0.18% down 0.4%, and PolygonMATICUSD -0.35% down 1.8%.