Bitcoin correlation with Nasdaq soars as CPI fears intensify
“Higher-than-expected inflation could trigger equity market volatility, potentially dragging Bitcoin lower,” Bitfinex’ head of derivatives told Cointelegraph.
Auto Added by WPeMatico
“Higher-than-expected inflation could trigger equity market volatility, potentially dragging Bitcoin lower,” Bitfinex’ head of derivatives told Cointelegraph.
Binance Open Interest surged approximately $500 million just two hours after the CPI results “brought smiles to the faces of crypto investors,” says an analyst.
Sustained outperformance may hinge on whether US President-elect Donald Trump implements pro-crypto policies once he takes office on Jan. 20.
A “power of 3” pattern popped up on Bitcoin’s chart, suggesting that prices above $100,000 will occur before President-elect Trump takes office.
Bitcoin futures markets may still be overheated, and a hotter-than-expected CPI could trigger further drawdowns, Steno said.
The upcoming US presidential inauguration could be a positive catalyst, the asset manager said.
Bitcoin is now down around 11% after reaching its all-time high price of $108,135 on Dec. 17.
The acquisition brings Metal blockchain solutions to Bonifii’s portfolio of credit unions.
Bill Dudley joined others in suggesting the only purpose of a US government Bitcoin reserve would be to reward Trump’s crypto supporters.
Interest rate cuts, increases in the M2 money supply, structural deficits, and geopolitical tensions typically drive Bitcoin’s price higher.
