Bitcoin’s bounce from key price support stalled near $39,000 ahead of American trading hours, as the futures tied to the tech-heavy Nasdaq 100 index erased 1% gain and dipped into the red. Meanwhile, the yield on the U.S. 10-year Treasury note rose to 2.10%, the highest since July 2019, according to the chart platform TradingView. Source
Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.” February’s CPI Data Jumps to 7.9%, US Stocks Suffer In the U.S., there’s been a significant increase in the prices of goods and services in the American…
So-called core inflation, which excludes volatile food and energy prices, rose 0.5% in February, slower than analysts’ expectations. The core inflation rate was driven by increases in shelter prices as well as for recreation, household furnishings and airline fares. Source
Data shows the Bitcoin trading volume now seems to be stabilizing at higher values than 2022’s average, but given the trend in the metric this year so far, it may not last too long. 7-Day Average Bitcoin Trading Volume Has Remained Fixed Around $5 Billion Recently According to the latest weekly report from Arcane Research, after staying at low values for much of 2022, the BTC trading volume looks to have found some ground at high values recently. The “daily trading volume” is an indicator that measures the total amount…
Strong demand for Terra stablecoins is behind the big move for sister token LUNA. Source
LUNA hit a new all-time high, as markets reacted to news that U.S. president Joe Biden had signed an executive order on cryptocurrencies. Biden wants his government to examine the “risks and benefits” of crypto, news of which sent the likes of NEAR and ANC almost 20% higher. Terra (LUNA) Following a bear run that lasted almost seven days, terra (LUNA) rallied on Wednesday to reclaim its position as the world’s sixth-largest cryptocurrency. As of writing this, LUNA/USD is up by over 25% on the day, breaking past its resistance…
Following an extended period of bearish pressure, bitcoin’s price surged on Wednesday, as bulls returned to the market. ETH was also higher, climbing to a five-day high in the process. Bitcoin Bitcoin finally broke above its recent price ceiling on hump-day, leading to the world’s largest cryptocurrency snapping a six-day losing streak. Following a low of $38,235.74 earlier in today’s session, BTC/USD surged beyond its resistance level at $40,000 as crypto prices rebounded across the board. As of writing, BTC/USD is up nearly 9% on the day, hitting an intraday…
“My best guess of what’s going on: With stronger oversight confirmed, segments of the market that value privacy (for ideological or illicit reasons) will rotate away from trackable crypto assets like BTC and [ether] ETH. Or at least this is what traders are speculating on,” Ilan Solot, a partner at the TagusCapital Multi-Strategy Fund, said in an email. Source
Terra (LUNA) resumed its upward march this week as its price per token rebounded by more than 30% three days. LUNA’s price almost reached $100 on March 9 following a 15% intraday rally, coming near its record high of $106 from December 2021. At its week-to-date (WTD) low, the Terra token was trading at $75.60. LUNA/USD daily price chart. Source: TradingView Over 120 million LUNA burned already The recent bout of buying in the Terra market appeared in part due to similar recoveries elsewhere in the crypto market. For instance,…
“Stagflation and gold are better bedfellows than anything you will read in 50 Shades of Grey, and once gold comprehensively broke $2000.00 overnight, the rally accelerated sharply as expected. Gold rocketed 2.63% higher to $2050.00 an ounce, edging slightly higher to $2053.00 in Asia,” Jeffrey Halley, senior market analyst, Asia Pacific, OANDA, said. “The stagflationary factors that are so supportive of gold are persisting and will remain so. Source