{"id":10304,"date":"2022-03-11T02:39:59","date_gmt":"2022-03-11T02:39:59","guid":{"rendered":"http:\/\/egrowonline.com\/?p=10304"},"modified":"2022-03-11T02:39:59","modified_gmt":"2022-03-11T02:39:59","slug":"bitcoin-ethereum-dogecoin-dragged-down-by-soaring-us-inflation-why-are-crypto-traders-still-bullish-in-uncertain-times-bitcoin-united-states-dollar-btc","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=10304","title":{"rendered":"Bitcoin, Ethereum, Dogecoin Dragged Down By Soaring US Inflation \u2014 Why Are Crypto Traders Still Bullish In Uncertain Times? – Bitcoin – United States Dollar ($BTC)"},"content":{"rendered":"


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Bitcoin<\/strong>\u00a0traded under the psychologically important $40,000 level at press time on Thursday evening, with the global cryptocurrency market cap falling 4.35% to $1.75 trillion.<\/p>\n\n\n\n\n\n\n\n
Price Performance Of Major Coins<\/caption>\n
Coin<\/th>\n24-hour<\/th>\n7-day<\/th>\nPrice<\/th>\n<\/tr>\n<\/thead>\n
Bitcoin<\/strong> (CRYPTO: BTC<\/a>)<\/td>\n-6.1%<\/td>\n-5.6%<\/td>\n$39,300.01<\/td>\n<\/tr>\n
Ethereum<\/strong> (CRYPTO: ETH<\/a>)<\/td>\n-4.3%<\/td>\n-5.2%<\/td>\n$2,596.16<\/td>\n<\/tr>\n
Dogecoin<\/strong> (CRYPTO: DOGE<\/a>)<\/td>\n-3.8%<\/td>\n-8.1%<\/td>\n$0.12<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n
Cryptocurrency<\/th>\n24-Hour % Change (+\/-)<\/th>\nPrice<\/th>\n<\/tr>\n<\/thead>\n
ICON<\/strong> (ICX)<\/td>\n+41.5%<\/td>\n$0.93<\/td>\n<\/tr>\n
Waves<\/strong> (WAVES)<\/td>\n+30.53%<\/td>\n$28.71<\/td>\n<\/tr>\n
ThorChain<\/strong> (RUNE)<\/td>\n+11.1%<\/td>\n\u200b\u200b$4.91<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

See Also: <\/em>How To Buy Bitcoin (BTC)<\/em><\/a><\/p>\n

Why It Matters:\u00a0<\/strong>On Thursday, the U.S. Labor Department released inflation numbers for February. Headline consumer price index or CPI\u00a0rose 7.9% in the month<\/a>, above an estimated 7.8%, the biggest increase since January 1982.<\/p>\n

Risk assets moved lower after the inflation data. The S&P 500 and the Nasdaq closed 0.4% and 0.95% lower at 4,259.52 and 13,129.96, respectively.\u00a0<\/p>\n

Cryptocurrencies moved in line with stocks and headed downwards. However, some analysts are of the view that the apex coin may emerge as a hedge against inflation.\u00a0<\/p>\n

\u201cMaybe the short-term price will drop due to panic, but long-term I think #Bitcoin is by far the best bet against inflation,\u201d tweeted\u00a0Micha\u00ebl van de Poppe<\/strong>, a cryptocurrency trader.<\/p>\n

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Investment thesis with such a high inflation; would you want to be in equities, $USD<\/a>, commodities or #Bitcoin<\/a>?<\/p>\n

Maybe short-term price will drop due to panic, but long-term I think #Bitcoin<\/a> is by far the best bet against inflation.<\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) March 10, 2022<\/a><\/p>\n<\/blockquote>\n

The co-founders of on-chain analysis company Glassnode,\u00a0Jan & Yann<\/strong>, tweeted that commodities look strong and there is a \u201crotation to value.\u201d<\/p>\n

A chart shared by them, depicting the top 10 assets by market cap, reveals a 15% decline in the year-to-date performance of Bitcoin, while gold shot up 14%.\u00a0<\/p>\n

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The top 10 assets by market cap reveal strong commodities and rotation to value<\/p>\n

Will liquidity flow to riskier assets like #Bitcoin<\/a> given a 96% prob of target rates 25-50 bps? Find out here https:\/\/t.co\/6eOWyypDgk<\/a> pic.twitter.com\/OPTdhQwUbi<\/a><\/p>\n

\u2014 Negentropic\u00a0(@Negentropic_) March 10, 2022<\/a><\/p>\n<\/blockquote>\n

Meanwhile, the put\/call ratio for Bitcoin hit a six-month high of 0.69 in February amid bearish market sentiments, according to Delphi Digital.
On Thursday, the volume-adjusted put\/call ratio hit a monthly low of 0.44 as call volumes rose. Deribit traders were buying April 29 BTC calls for $42,000, $50,000 and $60,000 strikes, Delphi said, boosting the notional value up to $193 million on the exchange.\u00a0
\u201cThis might indicate that traders are turning bullish, even in an uncertain macro environment.\u201d<\/p>\n

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BTC Options Open Interest Vs BTC Put\/Call Ratio For Open Interest and Volume \u2014 Courtesy Glassnode<\/em><\/p>\n

Ethereum has formed a stronger correlation with the S&P500 index than Bitcoin over the past month. Gold has a \u201cspot-on\u201d inverse correlation with the two largest cryptocurrencies by market cap, according to financial market data and content platform Santiment.<\/p>\n

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#Ethereum<\/a> is staying surprisingly close to the price of the #SP500<\/a>. In fact, its correlation has been much more tight than #Bitcoin<\/a>‘s own correlation with the #SP500<\/a> over the past month. Also, #gold<\/a> has had a spot-on inverse correlation to both. \u00a0https:\/\/t.co\/3TJH7zwjcd<\/a> pic.twitter.com\/BPatTroxGW<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) March 10, 2022<\/a><\/p>\n<\/blockquote>\n

Read Next:<\/em> Investing Stimulus Checks In This Cryptocurrency Would Have Fetched Whopping 23674% Returns Now<\/em><\/a><\/p>\n<\/p><\/div>\n


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Bitcoin\u00a0traded under the psychologically important $40,000 level at press time on Thursday evening, with the global cryptocurrency market cap falling 4.35% to $1.75 trillion. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -6.1% -5.6% $39,300.01 Ethereum (CRYPTO: ETH) -4.3% -5.2% $2,596.16 Dogecoin (CRYPTO: DOGE) -3.8% -8.1% $0.12 Top 24-Hour Gainers (Data […]<\/p>\n","protected":false},"author":1,"featured_media":10305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[50,194,359,62,85,579,6096,158,927,354,578,862,180,6097,577],"class_list":["post-10304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bitcoin","tag-btc","tag-bullish","tag-crypto","tag-dogecoin","tag-dollar","tag-dragged","tag-ethereum","tag-inflation","tag-soaring","tag-states","tag-times","tag-traders","tag-uncertain","tag-united"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/vecteezy_hand-holding-a-physical-bitcoin-in-hand-with-digital-financial-graphs-on-a-laptop-in-the-background_2547888.jpeg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10304"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10304\/revisions"}],"predecessor-version":[{"id":10306,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10304\/revisions\/10306"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/10305"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10304"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}