- July’s U.S. CPI was softer than expected, at 2.9% against an estimated 3.0%.
- The U.S. government’s $593M BTC move could have spooked the markets.
Bitcoin [BTC] failed to stay above $60K despite a softer July U.S. CPI (Consumer Price Index) data, which came in at 2.9% YoY (year-over-year) against the expected 3.0%.
The softer inflation data tipped a slight relief bounce across the U.S. equities market, including the tech-heavy Nasdaq Composite (IXIC).
However, BTC, which has a strong positive correlation to the Nasdaq Composite, went in the opposite direction.
It shed 3%, dropping from $61.8K to $58.8K on the 14th of August. At the time of writing, it was weakly holding above the $58k level.
Source: BTC/USD, TradingView
The softer CPI data is still bullish for BTC
Despite BTC’s sluggish intraday session on the 14th of August, market insiders were still upbeat that the CPI print was bullish for BTC.
Eliezer Ndinga, VP, Head of Strategy and BD at digital asset manager 21Shares, told AMBCrypto that the softer CPI would increase the odds of a Fed rate cut in September and boost the crypto markets.
“With inflation coming in as expected, the likelihood of a smaller 25bps rate cut by the Fed has increased, which may support risk-on assets.”
Bitwise’s CIO Matt Hougan echoed the same outlook,
“The Fed will start cutting rates in September; 3% is the new baseline for inflation, not 2%. Both are bullish for Bitcoin.”
At the time of writing, interest rate traders were pricing a 62% odds of 25 basis point (bps) Fed rate cut by September.
Source: CME
$593M BTC move by U.S. spooks market again?
Meanwhile, the U.S. government moved 10K BTC, worth over $590M, to another Coinbase Prime on Thursday, per Arkham data.
Despite reportedly being for custody purposes, a similar transfer by the U.S. government spooked the markets about two weeks ago and dragged BTC lower.
As a result, FundStrat Insights claimed that the U.S. government action could have dented the expected bounce from the softer CPI data.
In the meantime, the Coinbase Premium Index was still positive at the time of writing amidst the declining recovery momentum. It suggested that the largest digital asset still had slight demand from U.S. investors.
Source: CryptoQuant
- July’s U.S. CPI was softer than expected, at 2.9% against an estimated 3.0%.
- The U.S. government’s $593M BTC move could have spooked the markets.
Bitcoin [BTC] failed to stay above $60K despite a softer July U.S. CPI (Consumer Price Index) data, which came in at 2.9% YoY (year-over-year) against the expected 3.0%.
The softer inflation data tipped a slight relief bounce across the U.S. equities market, including the tech-heavy Nasdaq Composite (IXIC).
However, BTC, which has a strong positive correlation to the Nasdaq Composite, went in the opposite direction.
It shed 3%, dropping from $61.8K to $58.8K on the 14th of August. At the time of writing, it was weakly holding above the $58k level.
Source: BTC/USD, TradingView
The softer CPI data is still bullish for BTC
Despite BTC’s sluggish intraday session on the 14th of August, market insiders were still upbeat that the CPI print was bullish for BTC.
Eliezer Ndinga, VP, Head of Strategy and BD at digital asset manager 21Shares, told AMBCrypto that the softer CPI would increase the odds of a Fed rate cut in September and boost the crypto markets.
“With inflation coming in as expected, the likelihood of a smaller 25bps rate cut by the Fed has increased, which may support risk-on assets.”
Bitwise’s CIO Matt Hougan echoed the same outlook,
“The Fed will start cutting rates in September; 3% is the new baseline for inflation, not 2%. Both are bullish for Bitcoin.”
At the time of writing, interest rate traders were pricing a 62% odds of 25 basis point (bps) Fed rate cut by September.
Source: CME
$593M BTC move by U.S. spooks market again?
Meanwhile, the U.S. government moved 10K BTC, worth over $590M, to another Coinbase Prime on Thursday, per Arkham data.
Despite reportedly being for custody purposes, a similar transfer by the U.S. government spooked the markets about two weeks ago and dragged BTC lower.
As a result, FundStrat Insights claimed that the U.S. government action could have dented the expected bounce from the softer CPI data.
In the meantime, the Coinbase Premium Index was still positive at the time of writing amidst the declining recovery momentum. It suggested that the largest digital asset still had slight demand from U.S. investors.
Source: CryptoQuant
buying cheap clomiphene without dr prescription clomiphene cost australia can i buy generic clomid pill clomid generic name can i order generic clomid without rx cost of generic clomiphene without rx cost of cheap clomid prices
Thanks towards putting this up. It’s okay done.
I couldn’t turn down commenting. Warmly written!
order azithromycin 250mg pill – purchase ciplox without prescription buy generic flagyl 400mg
order semaglutide 14 mg generic – buy periactin 4 mg pills cyproheptadine 4mg for sale
buy motilium 10mg online cheap – buy generic flexeril over the counter order flexeril 15mg sale
order inderal 20mg online cheap – buy generic plavix methotrexate over the counter
oral amoxil – order combivent 100mcg order combivent 100 mcg
buy azithromycin 250mg online – nebivolol 5mg uk bystolic 5mg canada
oral augmentin 375mg – https://atbioinfo.com/ buy cheap generic acillin
esomeprazole 20mg us – https://anexamate.com/ nexium online order
buy meloxicam medication – moboxsin buy mobic 15mg for sale
prednisone brand – https://apreplson.com/ buy prednisone 20mg online
best over the counter ed pills – https://fastedtotake.com/ pills erectile dysfunction
buy generic amoxicillin for sale – order amoxil pills amoxil medication
cost diflucan – purchase fluconazole generic diflucan 200mg drug
generic escitalopram – https://escitapro.com/# buy generic lexapro 10mg
cenforce 50mg tablet – this cenforce 50mg pill
cialis 10mg ireland – what is the normal dose of cialis tadalafil citrate powder
how long does it take for cialis to take effect – https://strongtadafl.com/# tadalafil cialis
order ranitidine 300mg online – https://aranitidine.com/ buy ranitidine 150mg
buy cialis and viagra – https://strongvpls.com/ buy viagra cheap line
I couldn’t turn down commenting. Profoundly written! este sitio
Greetings! Extremely productive suggestion within this article! It’s the crumb changes which wish obtain the largest changes. Thanks a a quantity for sharing! the side effects of prednisone
The reconditeness in this serving is exceptional. https://ursxdol.com/cialis-tadalafil-20/
I’ll certainly carry back to skim more. https://prohnrg.com/product/priligy-dapoxetine-pills/
Thanks recompense sharing. It’s acme quality. https://aranitidine.com/fr/lasix_en_ligne_achat/