Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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-1.64%Reading
Bitcoin’s price barely moved Wednesday as traders awaited important inflation data due to be released Thursday.
The biggest cryptocurrency by market cap was trading for $19,142 at the time of writing—a minimal 24-hour increase of 0.7%.
Tomorrow, the U.S. Bureau of Labor Statistics will release the consumer price index (CPI), a report that measures price changes in a basket of common consumer goods and services. The index is used to estimate changes in the economy’s inflation rate.
Depending on the outlook, the CPI report could signal that the Federal Reserve will continue to aggressively hike up interest rates in an attempt to cool the economy and curb rising inflation.
JPMorgan said today that such a move could mean the stock market could continue to suffer—as it typically has done when the central bank has increased the cost of borrowing.
And when U.S. equities take a hit, so, typically, does BitcoinBitcoin (and the rest of the crypto market).
But despite the Dow Jones Industrial Average dropping 0.10%, or 28.34 points, to finish at 29,210.85, and the S&P 500 closing 11.81 points—0.3%—to 3,577.03, the cryptocurrency market seemed more stable.
The price of Bitcoin dropped sharply following the Federal Reserve’s announcement that it would hike interest rates by 75 basis points to combat sky-high inflation. The biggest cryptocurrency by market cap dropped below $19,000 following the announcement before rebounding amid widespread market volatility. It’s now trading at roughly $19,039, down around 1% over the last hour. Bitcoin is also down approximately 5.7% in the past seven days. Market analysts had expected the Fed to raise interest...
Ethereum, the second largest digital asset, was up even more than Bitcoin, trading at $1,300, a 1.4% increase in the past day.
In fact, seven out of the ten biggest cryptocurrencies by market cap had all made gains at the time of writing.
Bitcoin and the wider crypto market has closely been related to the stock market this year. But in the past month, that correlation has weakened—albeit slightly—according to some experts who spoke to Decrypt.
Regardless of whether Bitcoin does decouple from the stock market, it is likely to be a volatile trading day as investors attempt to guess which way the winds will blow.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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OpenAI is removing limits on how much money investors can make while keeping its nonprofit in charge, converting its current business arm into a "public benefit company," a type of for-profit business that needs to consider both making money and serving the public good. "We want to be able to operate and get resources in such a way that we can make our services broadly available to all of humanity," CEO Sam Altman stated in a letter published Monday. The move places it at temporary odds with maj...
Riot Platforms sold $38.8 million worth of Bitcoin in April, as the second-largest publicly traded Bitcoin miner by market capitalization moves to shore up liquidity amid tightening margins across the mining sector. The Castle Rock, Colo.–based firm offloaded 475 BTC last month at an average price of $81,731 per coin, according to its operations update on Monday. Riot mined 463 of those tokens in April, with the remaining 12 drawn from reserves. The company retained 19,211 BTC on its balance sh...