Tag: Data

Bitcoin may be bound for ‘summer of 2021 style’ correction, data shows

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Bitcoin is not expected to retest its record until later this year, but data shows this correction could get uglier before a recovery begins — similar to how the cryptocurrency fared between two all-time highs in 2021. A bitcoin valuation indicator, CryptoQuant’s Bitcoin Profit and Loss Index, is currently hovering around its own 365-day moving average. This key threshold helps traders determine whether bitcoin is in a bull or bear market. Historically, a crossover of the index to the downside has marked major corrections, including the one between May and…

Bitcoin, Mantra, Notcoin prices rise as US CPI data point to a Fed cut

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Bitcoin and other altcoin prices continued rising after the US published encouraging June inflation data.  BTC jumped to over $59,000 on Thursday, up from last week’s low of $53,700. Other tokens like Mantra (OM), Notcoin (NOT), AAVE (AAVE), and JasmyCoin (JASMY) rose by double digits.  US inflation data Data from the Bureau of Labor Statistics (BLS) showed that the headline consumer price index (CPI) dropped from 0.0% to -0.1% in June, which was lower than the median estimate of 0.1%. The headline CPI dropped from 3.3% to 3.0%, also lower…

Crypto market sentiment divided two months after Bitcoin halving, data shows

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Bitcoin’s post-halving pullback appears to have divided the crypto community, with investors seen as the most bullish group at the moment. Cryptocurrency investors, developers, speculators, and traders seem to be divided with their views on the current market state with “no strong consensus sentiment” prevailing right now, crypto prices aggregator CoinGecko says. In a survey conducted from mid-June to July 8, involving 2,558 participants, CoinGecko assessed market sentiment. The largest group of respondents (26.1%) described themselves as “somewhat bullish,” while the smallest group (11.8%) identified as strongly bearish. Overall, nearly…

Crypto market falls ahead of the US CPI data release

The cryptocurrency market faced correction, with leading assets declining, ahead of the release of the U.S. inflation data. The U.S. Consumer Price Index (CPI) report for June this year is expected to be released today at 08:30 ET (12:30 UTC). According to Investing.com analyst Jesse Cohen, the majority of the U.S. banks and investment firms expect a soft decrease in the country’s inflation rate — between 3% and 3.2%. 🇺🇸🇺🇸 US JUNE CPI INFLATION ESTIMATES •TD BANK: 3.0%•SCOTIABANK: 3.0% •JP MORGAN: 3.1%•WELLS FARGO: 3.1%•CITI: 3.1%•BARCLAYS: 3.1%•BNP PARIBAS: 3.1%•NOMURA: 3.1%•https://t.co/LOppBTC8mR: 3.1%…

Bitcoin Waits for Guidance From U.S. Inflation Data, Bond Market

The data due at 12:30 UTC (8:30 ET) is expected to show the cost of living in the world’s largest economy rose 0.1% month over month in June after remaining flat in May, leading to a 3.1% rise year over year, according to economists surveyed by Dow Jones. The core CPI, which strips out more volatile food and energy prices, is forecast to have increased 0.2% from May and 3.4% since June last year. Source

Here’s What The Data Says About Buying The Dip

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The on-chain analytics platform Santiment has provided useful insights for investors considering buying the Bitcoin dip. The platform suggested that the worst might not be over as the flagship crypto could still experience further dips from its current price range.  To Buy Or Not To Buy The Bitcoin Dip? In an X (formerly Twitter) post, Santiment mentioned to those considering buying the dip that market participants also anticipate a rebound. They added that these dramatic dips, like the one Bitcoin recently experienced, are usually met with FUD (Fear, Uncertainty, and…

Nigeria Considers Domestic Blockchain for Data Security

A Nigerian information technology agency is considering plans to develop a domestic blockchain to enhance national security and protect citizens’ data. A proponent of a locally developed blockchain argues that such a protocol would likely ensure compliance with Nigerian laws and allow the country greater control over its data. Domestic Blockchain Seen as Boosting Government […] Source CryptoX Portal

Will Bitcoin Bounce Back? Traders Place Their Bets on a Rocky Q4, Data Shows

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So far, Bitcoin has seen significant volatility in the last trading session, hinting at frail investor sentiment. Earlier today, the asset soared to as high as $57,300. However, the asset now appears to have run out of steam after reaching this mark as it trades at $55,966, down by 1.6%. This surge in volatility is a sign that the market has become more fearful as traders watch several key technical levels. However, the latest data suggests a shift in trader patterns as more defensive strategies are sought. Analysts from the…

Bitcoin Starts July On A Bearish Note, Will CPI Data Change The Narrative This Week?

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The beginning of July has not been bullish for the Bitcoin and crypto market as earlier expected due to a number of events that have shaken the market. For example, the Spot Ethereum ETFs did not debut on July 2nd as expected, and the US and German governments have been reportedly selling large tranches of BTC. However, a turn in the tide could be coming for Bitcoin and crypto at large as the CPI data is expected to drop on July 11. CPI Data Could Move The Narrative For Crypto…