Bitcoin

Bitcoin Having Best Day Since March After Coldest April Inflation Reading

Published

11 months ago

15 May, 2024

Nicolas Economou | Nurfoto | Getty Images

Bitcoin jumped with actions on Wednesday, after the April consumer price index showed that inflation eased from the previous month.

The cryptocurrency’s price last rose more than 5% to $64,910.57, according to Coin Metrics, and is on track for its best day since March 25. At one point, bitcoin traded above its 50-day moving average for the first time since. April 13, although it fell below that level again.

“The slightly lighter than expected CPI number modestly increased the chance of a rate cut, which is still a strong influencer for the price of bitcoin,” Owen Lau, an analyst at Oppenheimer, told CNBC. “After ETFs and halving, the next big catalyst is a rate cut. Bitcoin will likely remain range-bound and trade alongside macro data points until we see a clearer path to rate cuts.”

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Bitcoin jumps after US inflation relief report

O consumer price indexa broad measure of how much goods and services cost at the cash register, increased 0.3% compared to March, the Labor Department’s Bureau of Labor Statistics reported Wednesday. This was slightly below the Dow Jones estimate of 0.4%. Consumer prices are still rising 3.4% year-over-year.

“With core US CPI cooling for the first time in six months, we could be seeing a rebound in investor appetite for risky assets like crypto, instigating more flows into spot bitcoin ETFs, which have been especially muted over the past week.” “, said Leena ElDeeb, analyst at 21Shares.

“Although with rate cuts still on the cards, the recovery could be slow,” she added. “Typically, higher interest rates make risky assets like technology stocks and bitcoin less attractive, as investors can lock in substantial yields from safer options like U.S. Treasury bonds.”

Bitcoin occupies a unique position as both a risk-free and a risk-free asset, and many investors have a long-term view of the crypto asset, ElDeeb explained, adding that while the Fed’s policies may induce volatility in bitcoin in the short term, it does not fundamentally alters the long-term trajectory of bitcoin.

Lately, bitcoin has been more heavily influenced by macro factors, with industry catalysts such as the launch of bitcoin exchange-traded funds and the halving in the rearview mirror. Earlier this week, bitcoin also missed out on a two-day revival of the meme stock craze.

With Wednesday’s gain, bitcoin is up 7% for the week – its best week since March 29 – and is on track to break a six-week decline.

Bitcoin has held between $60,000 and $70,000 – minus a few points above and below that range – since March, when it reached new all-time highs and quickly retreated. Investors and analysts expect the cryptocurrency to remain range-bound for several more months in the absence of strong catalysts.

– CNBC’s Jeff Cox and Nick Wells contributed reporting.

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Financial Block Staff

We are the editorial team of Financial Block, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Financial Block, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Published

9 months ago

1 August, 2024

Financial Block Staff

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.

The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

9 months ago

1 August, 2024

Financial Block Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin

Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise

Published

9 months ago

1 August, 2024

Financial Block Staff

Bitcoin Mining Profitability Surges in June as Market Adjusts for Halving: Jefferies

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CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

Published

9 months ago

1 August, 2024

Financial Block Staff

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.

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