{"id":10319,"date":"2022-03-11T05:04:23","date_gmt":"2022-03-11T05:04:23","guid":{"rendered":"http:\/\/egrowonline.com\/?p=10319"},"modified":"2022-03-11T05:04:23","modified_gmt":"2022-03-11T05:04:23","slug":"bitcoin-ethereum-dogecoin-dragged-down-by-soaring-us-inflation-why-are-crypto-traders-still-bullish-in-uncertain-times-by-benzinga","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=10319","title":{"rendered":"Bitcoin, Ethereum, Dogecoin Dragged Down By Soaring US Inflation \u2014 Why Are Crypto Traders Still Bullish In Uncertain Times? By Benzinga"},"content":{"rendered":"


\n<\/p>\n

\n
\n\"Bitcoin,
\n\u00a9 Reuters. Bitcoin, Ethereum, Dogecoin Dragged Down By Soaring US Inflation \u2014 Why Are Crypto Traders Still Bullish In Uncertain Times?<\/span>
\n\n<\/div>\n

traded 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\nPrice Performance Of Major Coins<\/p>\n\nCoin
\n24-hour
\n7-day
\nPrice
\n<\/tr>\n\n\n\n
Bitcoin (CRYPTO: BTC)<\/td>\n-6.1%<\/td>\n-5.6%<\/td>\n$39,300.01<\/td>\n<\/tr>\n
(CRYPTO: ETH)<\/td>\n-4.3%<\/td>\n-5.2%<\/td>\n$2,596.16<\/td>\n<\/tr>\n
(CRYPTO: DOGE)<\/td>\n-3.8%<\/td>\n-8.1%<\/td>\n$0.12<\/td>\n<\/tr>\n<\/table>\n\nTop 24-Hour Gainers (Data via CoinMarketCap)<\/p>\n\nCryptocurrency
\n24-Hour % Change (+\/-)
\nPrice
\n<\/tr>\n\n\n\n
ICON (ICX)<\/td>\n+41.5%<\/td>\n$0.93<\/td>\n<\/tr>\n
Waves (WAVES)<\/td>\n+30.53%<\/td>\n$28.71<\/td>\n<\/tr>\n
ThorChain (RUNE)<\/td>\n+11.1%<\/td>\n\u200b\u200b$4.91<\/td>\n<\/tr>\n<\/table>\n

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

Why It Matters: On Thursday, the U.S. Labor Department released inflation numbers for February. Headline consumer price index or CPI rose 7.9% in the month, 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. <\/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. <\/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 Micha\u00ebl van de Poppe, a cryptocurrency trader.<\/p>\n

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

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

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

The co-founders of on-chain analysis company Glassnode, Jan & Yann, 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%. <\/p>\n

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

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

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

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. <\/p>\n

\u201cThis might indicate that traders are turning bullish, even in an uncertain macro environment.\u201d<\/p>\n

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

#Ethereum is staying surprisingly close to the price of the #SP500. In fact, its correlation has been much more tight than #Bitcoin’s own correlation with the #SP500 over the past month. Also, #gold has had a spot-on inverse correlation to both. https:\/\/t.co\/3TJH7zwjcd pic.twitter.com\/BPatTroxGW<\/p>\n

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

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

\u00a9 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n

Read at Benzinga<\/p>\n

Read the original article on Benzinga<\/a><\/p>\n<\/div>\n

Disclaimer:<\/span> Fusion Media<\/b> would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.<\/p>\n

Fusion Media<\/b> or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy\/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. <\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Bitcoin, Ethereum, Dogecoin Dragged Down By Soaring US Inflation \u2014 Why Are Crypto Traders Still Bullish In Uncertain Times? traded 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 […]<\/p>\n","protected":false},"author":1,"featured_media":10320,"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":[46],"tags":[4726,50,359,62,85,6096,158,927,354,862,180,6097],"class_list":["post-10319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-benzinga","tag-bitcoin","tag-bullish","tag-crypto","tag-dogecoin","tag-dragged","tag-ethereum","tag-inflation","tag-soaring","tag-times","tag-traders","tag-uncertain"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/LYNXNPEB6R0AQ_L.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10319","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=10319"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10319\/revisions"}],"predecessor-version":[{"id":10321,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10319\/revisions\/10321"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/10320"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10319"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}