Bitcoin Holds Steady as Inflation Data Comes in Below Expectations
Bitcoin is on the rise as U.S. inflation data for June falls below expectations, with prices increasing by 3% over the past year. The cryptocurrency’s market capitalization has increased by 0.5% to $30,633, showing an overall growth of nearly 18% in the past month.
Main Points:
- Rate cuts in early 2024 are already being factored into the market.
- Ravi Doshi, head of trading at Genesis, believes that regulatory uncertainty is the main factor impacting bitcoin’s price trajectory.
- August 13 is a crucial date to watch for a decision on the ARK 21Shares spot Bitcoin ETF by the U.S. Securities and Exchange Commission.
- The Bank of England is signaling a more aggressive stance toward future interest rate hikes compared to the Federal Reserve.
- The pound has strengthened, reaching a 15-month peak against the dollar, due to the Bank of England’s forecast and a favorable financial stability report.
Hot Take:
While the latest inflation data may have provided some temporary relief for bitcoin, regulatory uncertainty remains a significant concern. The upcoming decision on the ARK 21Shares spot Bitcoin ETF could have a significant impact on the cryptocurrency’s future. Additionally, the Bank of England’s more aggressive stance on interest rate hikes may lead to further market volatility. Investors should closely monitor these developments to assess the potential impact on bitcoin’s price.
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