The July Consumer Price Index (CPI) report is out and just minutes after the U.S. Commerce Department published the readings, the bitcoin price soared. Previously trading at roughly $23,850, the bitcoin price shot past the $24,000 mark.
Cathie Wood, founder and CIO of Ark Invest, analyzed the newly passed Inflation Reduction Act in a recent video and explains why she believes it will not reduce inflation. She says that according to the model, growth will be slowed and as such productivity will probably be lower.
Update: After CPI prints came in at 8.5%, down from 9.1% last month, bitcoin jumped above $24,000 and regained bullish momentum. After a four day rally, bitcoin saw a loss of nearly $1,000 between Monday and today. It was recently trading slightly above $23,200 down by more than 2 percent in the last 24 hours.
Bitcoin experienced its highest price level since February in July closing the month in green. But this positive rally did not continue into the next month as the price saw a low of $22,500 on August 4. Bitcoin seemed to have recovered when it crossed the $24,000 level on Monday.
Bitcoin traded positively over the weekend with its price up by 3% in a week and 5% over the last 24 hours. This boost came after a week of negative news such as US Speaker Nancy Pelosi’s visit to Taiwan and its supposed effect on market
After experiencing a price drop on Thursday, bitcoin broke above a short-term bearish trend line with resistance near $22,850 on the hourly chart and is now attempting another recovery wave but might face hurdles near $23,100. At press time yesterday evening, the global cryptocurrency market cap declined 1.2% to $1.06 trillion.
“Those who don’t know history are doomed to repeat it.” In a video recently posted on his YouTube channel, Mark Moss highlighted why he thinks history is about to repeat itself just like it’s bound to do and has done many ti
Bitcoin seems to have lost its previous momentum and has now entered a new range, hovering between $21,200 and $24,400, which is a step up from the previous range of $17,000 and $21,000.
With the events that occurred last week in the US, one would not have expected bitcoin to do as well as it did.
Macro analyst Lyn Alden highlighted in a recent interview with Anthony Pompliano why she believes that fiscal components are just as important as monetary components when it comes to understanding inflation today.