Bitcoin was volatile on Thursday evening after the US Department of Labor reported US inflation rose to its fastest level since 1982; at the time of publication, the global cryptocurrency market capitalization was down 4.6% to $ 2 trillion.
| Currency | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.6% | 15.6% | $ 43,452.35 |
| Ethereum (CRYPTO: ETH) | -4.6% | 13.3% | $ 3,077.47 |
| Dogecoin (CRYPTO: DOGE) | -5.2% | 9% | $ 0.15 |
| Cryptocurrency | % Change in the last 24 hours (+/-) | Price |
|---|---|---|
| Theta Network (THETA) | + 23.1% | $ 4.23 |
| Smooth Love Potion (SLP) | + 13.8% | $ 0.034 |
| Theta Fuel (TFUEL) | + 6% | 0.22 dollars |
Because it is important
The leading consumer price index in the United States rose 7.5% in January, surpassing economists’ estimates of 7.2% growth – the largest increase in US inflation since February 1982.
Following the publication of the inflation numbers, 10-year Treasury yields hit the 2% threshold for the first time since August 2019; According to a Reuters report, the rise in yields has come along with growing expectations that the Federal Reserve will take steps to fight inflation.
“The price of Bitcoin is holding up well given the surge in global bond yields. The best environment for Bitcoin’s future is risk appetite; this may prove difficult to accomplish until we get past the Fed’s first two rate hikes, “he said. Edward Moyasenior market analyst at OANDA.
Moya also stated that Bitcoin institutional investors are focused on Treasuries as the momentum trade “seems to be quite clear”; the analyst predicts that in the short term the world’s leading cryptocurrency will consolidate between $ 40,000 and $ 50,000.
The reserves of all stablecoins on exchanges reached an all-time high of $ 27.2 billion, according to a tweet from CryptoQuant; an increase in the value of reserves indicates greater selling pressure.
All Stablecoins Exchanges’ Reserve hits an all-time-high by $ 27.2B Live Charthttps: //t.co/hHmjTRa7ws pic.twitter.com/x30ZKUo4uz
– CryptoQuant.com (@cryptoquant_com) February 10, 2022
Michaël van de Poppe, an Amsterdam-based cryptocurrency trader, said Thursday was a very volatile day for Bitcoin, with moves in excess of 5% in intraday; the analyst urged caution until a key level is violated.
“Nothing clear until we get over $ 46,000 and / or this block. If we catch up to that level, the party will go on, ”the analyst tweeted.
Very volatile day for #Bitcoin as we’ve seen 5% + moves within the day itself. I’m still seeing the same chart, higher timeframes. Nothing clear until we crack $ 46K and / or this block. If we do reclaim that level, the party goes on. Until then -> caution. pic.twitter.com/ctwXabyZfX
– Michaël van de Poppe (@CryptoMichNL) February 10, 2022
The Negentropic Twitter account, belonging to the co-founders of the blockchain intelligence provider Glassnodenoted that the US government is the world’s third largest holder of Bitcoin.
“If the United States decides to sell, the big players will have a huge buying opportunity in bulk,” said Negentropic.
The US Government sits behind MicroStrategy and Grayscale in #Bitcoin holdings, owning more than $ TSLA. If the US decides to sell, big players will get a huge opportunity to buy in bulk. pic.twitter.com/RYGvsFBOHm
–
This news is republished from another source. You can check the original article here
Be the first to comment