Bitcoin Settles Calmly before Probable Inflation Storm in the US

    Bloomberg News reports that the largest digital currency was found holding to a pattern ahead of the inflation numbers in the US on Wednesday that could trigger volatility afresh in the crypto market.




    The largest cryptocurrency, Bitcoin, was holding at $19500 while trading in Asia. Very little was found changing on the same day but was found to drop by 11% since the last weekend. There was calm in the global markets as the investors were found taking a collective breath deeply as the countdown to the inflation data is approaching.

    A weaker reading can enliven the mood in the market. It was also noticed that a print top of anticipations of 8.8% might lead to hardening bets related to Federal Reserve monetary tightening and giving rise to speculative investments, including cryptocurrencies, afresh.

    According to research head of Pepperstone Group, Chris Weston, headline inflation of less than 8.5% might lead to a situation where crypto might go up 5% plus and the dollar might slide universally.

    A Breather

    Three factors contributing to a 58% slide in the largest digital currency in 2022 include a hike in Fed rates, collapsing Three Arrow Capitals, a crypto hedge fund, and a meltdown in the Terra ecosystem.

    The total market value of crypto was around $906 billion recorded on Wednesday, as per CoinGecko. This figure is down from the November figure of $3 trillion.

    Bloomberg News reports that Katie Stockton, co-founder of Fairlead Strategies, is a technical analyst and stated at the beginning of this week that keeping in mind a perspective for the long-term, the downward momentum is escalating. According to Katie, it could be such that Bitcoin could test the price range between $18,300 and $19,500.



    RELATED ARTICLES

    investing in Crypto

    Investing in Crypto: A Guide for Smart Investors & Fundamentals

    Investing in cryptocurrencies has turned out to be an international phenomenon, attracting each institutional and...
    How To Find the Best FD Interest Rate for Senior Citizens Using an FD Interest Calculator

    How To Find the Best FD Interest Rate for Senior Citizens Using an FD Interest Calculator

    FDs are one of the most preferred investment products for senior citizens as they offer...
    When was Studio Ghibli founded

    When Was Studio Ghibli Founded: Japan’s Iconic Animation Legacy

    Studio Ghibli is a popular Japanese animation studio, known by many for its stunning movies,...
    online jobs for students

    Online Jobs for Students: Best ways to Earn Money & Build Skills 

    Balancing academics and price range can be challenging for college students, but online jobs offer...
    Best Trading Apps to Open a Demat Account

    Best Trading Apps to Open a Demat Account: Features & Fees

    Investing in the stock market has become more accessible than ever with trading apps that...
    5 Mistakes to Avoid for Choosing the Best Share Market App

    5 Mistakes to Avoid for Choosing the Best Share Market App

    Investing in the Indian share market is now easier than ever in the current digital...
    Experience Ultimate Comfort with Tempur Mattresses from Benson’s Beds

    Experience Ultimate Comfort with Tempur Mattresses from Benson’s Beds

    In today’s fast-paced world, a good night’s sleep is more important than ever. With the...
    Expand Image Boundaries in Seconds With AI

    Expand Image Boundaries in Seconds With AI

    You’ve finally found the perfect image for your project or post, except it’s just a...
    high fiber foods

    High Fiber Foods for a Healthy Digestive System

    Fiber is a vital nutrient that plays a vital role in maintaining good health. Despite...
    calorie calculator

    Calorie Calculator and Insights: How many calories to lose weight

    Losing weight is an extensively pursued purpose, but the essential precept remains regular: keeping a...
    best video editing app

    Best Video Editing App: How to Edit Like a Pro

    In the continually shifting world of digital media, video editing has become essential for makers...