BTC goes below 30k after US inflation rate reports - page 2.

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

Quote from: romero121 on June 10, 2022, 05:25:38 PM

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.

Cookdata

hero member

Activity: 1106

Merit: 912

Not Your Keys, Not Your Bitcoin

Quote from: coolcoinz on June 10, 2022, 05:35:41 PM

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.

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: tomahawk9 on June 10, 2022, 10:42:51 AM

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.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: coolcoinz on June 10, 2022, 05:35:41 PM

~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.

coolcoinz

legendary

Activity: 2814

Merit: 1192

Quote from: suzanne5223 on June 10, 2022, 05:21:12 PM

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.

romero121

legendary

Activity: 3234

Merit: 1214

Vave.com - Crypto Casino

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.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

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.

KingsDen

legendary

Activity: 1288

Merit: 1081

Goodnight, o_e_l_e_o 🌹

This is the issue I have with fundamental analysis:

Bitcoin is not a stable coin, it is subjected to continues movement in either ways of the market. But the media influencers and so acclaimed analysts always tie bitcoin movements to any concurrent economic news. Even when what happened was an obvious coincidence, one news or the other must take credit for the bitcoin action.

The chart you displayed in zoomed in and on hourly bases, and that should not be used as a major indicator that it is tied to US inflation rate.

Very soon bitcoin will grow pass this economic and political speculations.

FlamingFingers

sr. member

Activity: 1344

Merit: 288

Expect bitcoin to go up within the next few days, the CME gap that ought to be filled has been filled, likewise btc longs is getting more pump on bitfinex, such longs mostly indicates the bottom its been accurate for the past few years, so all in all we might see 34k within the next few days, I'm expecting a very high volatility of the market, longs is gonna be liquidated likewise short will also be liquidated, lots of manipulation incoming

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

IMHO, this had happened before. If it goes under $25k-$20k then that would create a panic for buying. Too many events in the global markets that have been pushing the other markets down too. It's likely that most the people are putting hard money on cash just for anything to be prepared for and after when the dust settles and there's a clue or hint that these crises are about to end, we'll see more money flowing again in bitcoin. Needless to say, even it's not doing good for bitcoin right now, it's normal to see it fluctuate this much and after this, we'll see it skyrocket.

Iadegbola34

member

Activity: 499

Merit: 16

Bitcoin was originally created to negate the inflation on fiat currencies, so a news about high inflation rate on the USD should naturally affect the price of bitcoin positively. Therefore, if your chart says bitcoin moved downward when the report was released it can only means that it has no effect whatsoever on Bitcoin.

It seems the media always find a way to link any economic report to bitcoin even when the charts clearly say otherwise.

virasog

legendary

Activity: 3136

Merit: 1172

Leading Crypto Sports Betting & Casino Platform

Quote from: DeathAngel on June 10, 2022, 03:15:18 PM

I don’t think this is the bottom, we are only mid way through 2022. The halving is still 2 years away. If we are to follow the path from previous cycles there is still a capitulation event to come, we haven’t seen it yet.

Just prepare & be ready to buy under $25,000.

Anything can happen in crypto but i am still optimistic that we may not hit 25,000$ because we haven't hit the expected highs in this bull run.
Secondly, there is no need to panic yet and bitcoin has been moving inside a range where the bottom is near 29,000$ and the top is 32000$. If bitcoin closes a day below 28,000$, then it may be a moment of concern for the bulls.

Welsh

staff

Activity: 3304

Merit: 4115

Remember that correlation doesn't equal correlation, and quite frankly when you're looking at data like this, with such a small time frame it's almost impossible to take anything conclusive from it, even ignoring the above phrase.

I don't think it will have much a short or long term impact on the price of Bitcoin. At the end of the day Bitcoin is its own currency, and doesn't depend on USD. However, the higher inflation rates rise, the more people who will be looking for alternatives, and Bitcoin will be at the top of the list.

noormcs5

hero member

Activity: 2814

Merit: 618

Leading Crypto Sports Betting & Casino Platform

Quote from: teosanru on June 10, 2022, 12:03:14 PM

Technically btc should go up with news linked to inflations in fiat markets because logically Bitcoin's point becomes stronger with every bit of depriciation in dollar. I think this was just a market reaction to the news immediately overall this will should give green signs in bitcoin as this is an absolutely positive news. If anyone has another point how these can be connected please do tell.

I also think the same that with this inflation news, the US dollar should go down and the bitcoin which is non-inflationary.

Bitcoin reacts too quick to the news and that's not good for bitcoin. Why does everyone dumps their bitcoin on such news Huh

Believe me, bitcoin will remain bearish for next two days and will pump again on Monday.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Inevitably, inflation is going to skyrocket in US and in Europe due to the economical policies adopted by FED and ECB, but for now it's still profitable for big investors to participate these traditional markets, because interest rates are going to increase, what can be really profitable on short run, just like ponzi schemes are for early investors. However,once inflation hits hard and in high intensity, those investors will cashout their profits and come back to crypto market in order to protect their funds by investing on the most reputable cryptocurrencies (mainly bitcoin and ethereum) while speculating part of their funds, as usual, in altcoins. That is the next bull run I'm waiting for.

That is my read of the scenario and that is why I think bitcoin is still dropping with such news. Investors are fleeing for now, but they are going to come back soon.

Gyfts

legendary

Activity: 2828

Merit: 1515

First of all, we are in unprecedented times with inflation. Bitcoin has not existed long enough to have coexisted in a market with 40 year high inflations. You need to give it more time for the analyists to draw conclusions. There isn't enough data. Secondly, the global economy isn't doing well, and plenty of institutional investors are not involved in crypto assets due to fears of recession. Investors are putting their money into tangible investments (precious metals, housing, etc.) That's going to drive the price down, obviously.

Don't panic.

DeathAngel

legendary

Activity: 3304

Merit: 1617

#1 VIP Crypto Casino

I don’t think this is the bottom, we are only mid way through 2022. The halving is still 2 years away. If we are to follow the path from previous cycles there is still a capitulation event to come, we haven’t seen it yet.

Just prepare & be ready to buy under $25,000.

TheNineClub

full member

Activity: 616

Merit: 161

Quote from: tomahawk9 on June 10, 2022, 10:42:51 AM

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

Quote from: https://cointelegraph.com/news/bitcoin-price-falls-under-29-5k-after-unexpected-40-year-high-us-inflation

"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?

Expected. We tend to think of crypto as a decentralised network and therefore completly autonomus from outside factors, but that's just not the case. When there is a looming threat of economic collapse like there is now, people tend to buckle down and not invest. And like it or not, crypto, for the most part, is still considered and investment.

Jody.Drummer

hero member

Activity: 1708

Merit: 566

Leading Crypto Sports Betting & Casino Platform

Unfortunately the time span you use is too short. Compare inflation rates over the years with charts that are minutes or hours long. Obviously not a balanced benchmark. Perhaps you mean the short-term impact after the announcement made Bitcoin drop below $30K. This decline could be only temporary due to the panic of the US public to temporarily withdraw their finances in the Exchange.

OgNasty

donator

Activity: 4760

Merit: 4323

Leading Crypto Sports Betting & Casino Platform

Quote from: tomahawk9 on June 10, 2022, 10:42:51 AM

Thoughts?

Bitcoin is still coupled with traditional investments and acting like a speculative investment instead of the safe haven it is billed to be. I hope at some point as the stock market & housing market implode, Bitcoin will separate itself and move opposite everything else. It's important to remember that while Bitcoin has had an incredible run, it has never faced a recession. There is a good chance that the value drops significantly along with everything else, but I'm hoping that isn't the case. Would love to see Bitcoin hit $200K while the stock market suffers a 30% loss from here, but so far all signs point to it being a victim of it's investors and the overall market as a whole.

Topic: BTC goes below 30k after US inflation rate reports - page 2. (Read 392 times)