romero121
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June 10, 2022, 10:25:38 PM |
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Inflation haven't left any countries, every country has been experiencing this. United States experiencing the worst inflation in its 40 years of history needs to be rectified. If I'm not wrong, during the last two years there is stagnation in growth all around, in particular very few corporate networks that provide online services reached big milestones. This stagnation out of the pandemic is getting reflected now on the market of fiat and cryptocurrency. For now even if price drops down to $25k isn't a surprise.
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coolcoinz
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June 10, 2022, 10:35:41 PM |
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The reason for the current dump in the price of the Bitcoin market can be caused by many reasons which are the market's current momentum are still bearish, and for some weeks now the BTC market has always gone dips during the weekend. Therefore, the report of the US inflation rate hitting a 40year high is not the reason behind the downtrend of the Bitcoin market and if history repeats itself in the BTC market I believe we haven't seen the bottom price.
What dump? The price is staying in the same channel. May 15 28500 May 18 28600 May 20 28400 May24 28500 May 26 27900 Jun 1 29290 Jun 7 28900 These were all "dumps" and as you can see they are happening every few days. I don't see any connection with inflation. High inflation should actually pump bitcoin because your fiat money is losing value so it's much better to buy something while you can.
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DoublerHunter
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June 10, 2022, 10:51:08 PM |
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~snip~ I don't see any connection with inflation. High inflation should actually pump bitcoin because your fiat money is losing value so it's much better to buy something while you can.
^Definitely right and I agree with this. There is no connection with the inflation of the country and I think not the only US has been experiencing this inflation, all countries must be there is inflation. I don't think why those social media authors will always compare the economic event compare to BTC price which I think they are completely irrelevant. BTC will grow on its own.
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xSkylarx
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June 11, 2022, 09:25:01 AM |
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Thoughts?
The inflation rate report doesn't have anything to do with bitcoins' price because we are still in the same range from its price few weeks ago. I strongly believe that we already hit the bottom and is now in an accumulation stage. Many are prepared to buy in $20-25k range so even if we go that deep, I don't think it will last for a long time. If there is really a threat on the bitcoin market, some whales or institution could have sold their holdings that will really impact the market.
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Cookdata
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June 11, 2022, 09:46:38 AM |
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I don't see any connection with inflation. High inflation should actually pump bitcoin because your fiat money is losing value so it's much better to buy something while you can.
This is not always like that mate, theoretically, it is supposed to be going up but Bitcoin is an investment to many people and due to inflation and the rise in the price of everything, it affects short-term traders, when they all withdraw their money to have some cash, the market tumble and then panic follow, that's the case of bitcoin and other stock markets. The CPI seen has never happened before, so we will see these little market shakes and waves before it goes up.
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Reatim
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June 11, 2022, 11:31:11 AM |
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Inflation haven't left any countries, every country has been experiencing this. United States experiencing the worst inflation in its 40 years of history needs to be rectified. If I'm not wrong, during the last two years there is stagnation in growth all around, in particular very few corporate networks that provide online services reached big milestones. This stagnation out of the pandemic is getting reflected now on the market of fiat and cryptocurrency. For now even if price drops down to $25k isn't a surprise.
But bitcoin drops below 30k even before this inflation rate reports? so what is the question on that when it is proven that there are many issues that let this dumping happen and not just that inflation of US. I believe that this inflation does not really represent the bearishness of market or even this recent fall , instead this is a continues effect of what is happening in the whole world economy and also with wars on going still now.
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roadrunnerjaiv2025
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June 11, 2022, 11:34:08 AM |
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This probably didn't have much of an effect on bitcoin's price and is just two things happening at once.
I think US monetary policy has been speculated to be maintaining an inflation of about 8% so this could be that just catching up. Surely inflation dollars being reported as high would be a good thing for crypto too as there's extra cash moving through the economy.
That's an interesting way of viewing the current situation. Yup, I can clearly see how the USD price is going up, and it's particularly beneficial for freelancers paid in USD like me, so I keep track. And because I'm getting more than what I was expecting from projects I accepted weeks ago, I am planning to use the excess to buy crypto. I bet other people like me have the same idea too. So this makes sense.
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mindrust
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June 11, 2022, 11:42:09 AM |
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May go down a lot more from here because to kill the inflation, the FED will probably have to raise the interest rates much harder than they did till now. Stocks are going down too. Surprisingly gold is holding OK. Not only holding OK but it went up by like 1.7% yesterday. That was pretty interesting imo. The analysts I follow say that we might see low $20k's in a few months. If that happens the real panic will start because bitcoin never went below the ATH's of the older bull runs before.
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pawanjain
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June 11, 2022, 11:53:42 AM |
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Negative sentiments around bitcoin can't stop themselves from hitting it again and again huh. Seems like more negativity is spread in the market but the inflation has not only impacted bitcoin but also all other assets in the market. The stocks are falling too. It's gonna be a long time this time before see the new ATH.
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ultrloa
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June 11, 2022, 12:11:19 PM |
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Bitcoin and the crypto market went down today after reports came out that the US inflation rate hit 40-year high in May US Inflation Quickens to 40-Year High BTC price chart. Source: bitstamp"Despite hopes that the worst of the inflationary period was over, May's CPI print came in at 1% month-on-month and 8.6% year-on-year — a return to levels not seen since 1981. Estimates had only forecast around half as much of a jump for last month. Bitcoin immediately felt the pinch as the market appeared to balk at the prospect of further monetary tightening to tame increasingly aggressive price increases." Thoughts? People need to relax because what happen in US for sure doesn't do anything on what happen on crypto and $30k is not newly reached since we already entering on that zone even last month, So people need to relax and stop relating on things which we see not doing any harm to BTC. Also If you just hear this thoughts to other people who think about the inflation is the reason why bitcoin dump today better not to believe since they are using this to change the phase of the people and then create negative sentiments to people who can read their article.
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Zanab247
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June 11, 2022, 01:09:03 PM |
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Inflation haven't left any countries, every country has been experiencing this. United States experiencing the worst inflation in its 40 years of history needs to be rectified. If I'm not wrong, during the last two years there is stagnation in growth all around, in particular very few corporate networks that provide online services reached big milestones. This stagnation out of the pandemic is getting reflected now on the market of fiat and cryptocurrency. For now even if price drops down to $25k isn't a surprise.
Yes, inflation is still affecting many countries because of the pandemic that reduced world economy some years ago. I think many governments are trying their possible best to make money available to fight the inflation in their land before the end of December because many citizens find it difficult to feed their families in the country. I believe the price of bitcoin is not dropping because of other countries inflation, it dropped down to $27,000 to allow people to buy and hold for the price to move to $60,000 before the end of July before they can sell to make a good profit.
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buwaytress
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June 11, 2022, 02:16:51 PM |
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Yeah, and with Eurozone also set to hike interest rates, it's really hard to find hope for a rally beyond the 31/32k range we've been touching ever so slightly. It's definitely in keeping with the wider macro economy/stock correlation too, so anyone who thinks Bitcoin's burst free should take note, or hope BTC does something special and keep guys like me open-mouthed.
Silver lining: accumulation can continue for a bit!
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wxa7115
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June 11, 2022, 02:18:51 PM |
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~snip~ I don't see any connection with inflation. High inflation should actually pump bitcoin because your fiat money is losing value so it's much better to buy something while you can.
^Definitely right and I agree with this. There is no connection with the inflation of the country and I think not the only US has been experiencing this inflation, all countries must be there is inflation. I don't think why those social media authors will always compare the economic event compare to BTC price which I think they are completely irrelevant. BTC will grow on its own. What happens is that the average person does not really have too much knowledge about how the markets work, so whenever they see a big news they suppose the price of bitcoin should immediately move to reflect that news on its price. But the markets are not that simple, even if a news were to eventually be priced by the market this is not an instantaneous process and it is something which could take months or even years, so the high level of inflation all around the world may have an effect on the price of bitcoin on the future, but with the bearish conditions we are experimenting it is impossible for this to happen so soon.
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theskillzdatklls
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June 11, 2022, 03:09:47 PM |
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It's crazy there's been virtually no safe haven for invested assets outside of maybe real estate? And if you were holding fiat you are getting obliterated by inflation.
Technically speaking, this should point to a good situation for Bitcoin/crypto but alas, here we are.
That said, a lot of the asset prices, Bitcoin included, were semi fake from all the money printing that is getting dialed back now.
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LogitechMouse
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June 11, 2022, 03:13:47 PM |
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Negative news = negative effect or no effect at all with Bitcoin. The good thing though is that the negative news that we are seeing right now only have a short term effect towards Bitcoin price.
Instead on focusing on the short term, maybe let's just focus on the long term. Inflation in the US has been high already since the start of the year. Right now, there are no good news happening, so maybe just expect for the worst to happen.
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Cryptodebjoe
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June 11, 2022, 03:35:14 PM |
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Well but before the inflation news I've personally observed from coindesk chart that for the past 1 week BTC has been oscillating between 27k and 32k so I think that pattern will remain this week irrespective of the news....
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Nrcewker
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June 11, 2022, 04:10:29 PM |
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To be honest, this isn’t affecting a lot to the market. I mean we have already seen Bitcoins down from what the current price is. Yes we can say that it has hampered the growth a bit. As we have seen Bitcoins hitting 32k usd and suddenly within few hours it dropped to 29k usd. Nevertheless I would suggest to wait and hold in this bear market. Soon the market will recover and you will see the profits. If possible don’t sell your Bitcoins now in such a lower price. Just hold the coins for more few weeks.
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Ale88
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June 11, 2022, 04:18:30 PM |
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Thoughts? At this point is pretty clear that this is going to be a difficult year, we just need to hope that we're close to the bottom even though I wouldn't be surprised if bitcoin would go down to $20k, approx the old ATH. In that case I don't even want to think where the altcoins would go...
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amishmanish
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June 11, 2022, 05:10:39 PM |
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US dollar is a big market factor and any major fluctuation in US currency shows corresponding responses in market, but we should not ignore the fact that markets are actually coming out of grip of dollar, already several countries like russia, iran and china are exploring the alternatives to dollar as payment avenue, and though there is a fall in bitcoin value due to US inflation. I long run this won't remain the case and we will see bitcoin go strong as it is a contender to fill the vacuum created by dollar devaluations
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kryptqnick
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June 11, 2022, 05:15:57 PM |
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I think that while 8.6% is bad for a strong economy like the US, it's not a reason to panic. Also, the last few years have been particularly bad, so it's not surprising that there's an inflation issue. Finally, I don't think there's any link between the news of USD inflation prognosis and Bitcoin price getting down. Not to mention that the fluctuation of the price is very small, not big enough to even look for a cause behind it. If anything, I think that dollar losing value can motivate people to look at Bitcoin because inflation is not something that can happen to it.
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