Bitcoin rebounds from $33K-support as US dollar inflation comes back into focus
Bitcoin moved inversely to the dollar at the beginning of this week as traders awaited the June CPI report due Tuesday. Bitcoin (BTC) prices steadied on Tuesday after closing the previous session at a 3.41% loss, supported by a weakening dollar sentiment ahead of a key United States' inflation report due later today.Spot BTC/USD exchange rate rose by a modest 1.31% to $33,096 after bottoming out on Monday at $32,996 on Coinbase exchange. The CME Bitcoin Futures was up 1.64% from its previous session's low of $32,600.Bitcoin Futures reclaimed the $33,000-support after briefly flipping it....
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A continued decline in the U.S. dollar and rising inflation expectations support bitcoin's long-term bullish case as a hedge asset.
His comments were in line with Federal Reserve Chairman Jerome Powell, who mentioned that inflation was rising along with supply issues. Billionaire investor Carl Icahn warned Tuesday that the next market crisis may be on the horizon, and Bitcoin could be the best hedge against inflation.With the United States government continuing to stimulate the economy, Icahn stated that he fears the dollar is becoming more devalued and that the price of goods is rising.“In the long run we are certainly going to hit the wall. I really think there will be a crisis the way we are going, the way we are....
Some speculate that if the Fed implements a digital dollar, soaring inflation will soon follow.
For all those who are casual market investors, rejoice! Bitcoin is back to its winning ways as the world’s leading free-market digital currency surges on Tuesday against a weakening US dollar due to recent commentary from President-elect Donald Trump. Trump: Dollar ‘Too Strong’. There are many potential factors in the value Bitcoin versus the dollar, the primary one being the value of the dollar itself, which is usually very stable and strong, being the global reserve currency. However, with Donald Trump ready to assume the position of the most powerful man on Earth in just three days, his....
According to NYDIG research, Bitcoin’s price moves are driven more by the strength of the US dollar and broad liquidity conditions than by direct ties to inflation. Greg Cipolaro, NYDIG’s global head of research, said the data show weak and inconsistent links between inflation measures and Bitcoin. That view shifts attention away from the old narrative that Bitcoin is mainly an inflation hedge. Related Reading: XRP: The Catalyst For ‘Humanity’s Greatest Shift’ By 2030 —Analyst Inflation Link Weak Cipolaro argued that expectations for inflation are a slightly better signal than headline....