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Bitcoin Lags Behind Global Market Rally, Raising Caution Among Investors
The leading cryptocurrency Bitcoin failed to rally with global markets this week triggered by cooling US inflation. The recent decoupling of Bitcoin from the global markets has left investors worried about the token’s outlook.
While S&P 500 and Nasdaq closed at their highest since April 2022 on Wednesday, Bitcoin failed to join the rally.
S&P 500 cleared the 4,500 mark for the first time in the last 15 months on Thursday as it ended at 4,545.86, according to Dow Jones Market Data.
The recent stock market triggered on the heels of the recent Consumer Price Index report showing U.S. consumer prices registered their smallest annual increase in three years.
However, the rally did not extend to Bitcoin, the largest crypto in terms of market cap.
Jul 14, 2023 4:48 AM EDT · 2 min read
Bitcoin Lags Behind Global Market Rally, Raising Caution Among Investors
Source: Pixabay
The leading cryptocurrency Bitcoin failed to rally with global markets this week triggered by cooling US inflation. The recent decoupling of Bitcoin from the global markets has left investors worried about the token’s outlook.
While S&P 500 and Nasdaq closed at their highest since April 2022 on Wednesday, Bitcoin failed to join the rally.
S&P 500 cleared the 4,500 mark for the first time in the last 15 months on Thursday as it ended at 4,545.86, according to Dow Jones Market Data.
The recent stock market triggered on the heels of the recent Consumer Price Index report showing U.S. consumer prices registered their smallest annual increase in three years.
However, the rally did not extend to Bitcoin, the largest crypto in terms of market cap.
US Federal Reserve Expected To End Rate Hikes
U.S. central bank officials said earlier this week that the end of the US Federal Reserve’s current monetary policy tightening cycle is getting close.
But the officials added that inflation is still too high and the Fed is likely to raise interest rates at least one more time.
Fed policymakers have continuously hiked interest rates by 5 percentage points since March 2022 to tackle highest U.S. inflation in four decades.
The speculation around the end of rate hikes has risen given the positive CPI and Producer Price Index (PPI) data further triggering a rally in stock markets.
Investors Cautious Over Bitcoin Not Rallying With Stocks
Tony Sycamore, a market analyst at IG Australia Pty, said that Bitcoin was an outlier in terms of widespread risk seeking in pretty much every asset class after the US inflation data, Bloomberg reported. “To me that’s not a good sign,” he added.
Sycamore further warned that odds of Bitcoin falling toward $25,000 to $26,000 are building.
Some crypto analysts also reasoned that the recent $300 million worth Bitcoin dump from the US government might have prevented the cryptocurrency to rally.
The digital asset management company Grayscale Investments wrote in a note that they expect lower US inflation and reduced odds of Fed rate hikes to support crypto markets in the medium term.
However, the asset manager warned that inverters might be more interested in high-risk crypto assets that could lead to a drop in Bitcoin’s dominance.
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#BountyCreator# Ripple’s win against SEC a boost to Chancer as presale accelerates
SEC loss is a win for crypto
The SEC’s case against Ripple has been a long-standing issue since December 2020. It would have set a precedent for the classification of digital assets, impacting their attractiveness to investors. SEC believed Ripple violated security laws through the issuance of XRP. The court’s verdict now clears the legal hurdle and represents a win for crypto as it limits SEC’s action against other digital asset entities and issuers.
The landmark win is positive for Chancer. Chancer is a blockchain-based predictive markets application that launched a presale on June 13th, 2023. A month later, Chancer raised more than $768,526 from investors in the presale.
Investors would be excited that the court’s ruling creates a transparent market where future entanglements of crypto and the regulator are minimised. Chancer could benefit from the outcome. The enthusiasm that the presale has generated means the positive sentiment created by the ruling could boost demand.
What does Chancer do differently?
Chancer taps into the power of peer-to-peer (P2P) relations to build a blockchain platform for betting. P2P has become popular with crypto and blockchain, as it allows users to exchange value in a decentralised manner across geographies.
In its P2P betting model, Chancer allows users to connect with others and bet on their preferred events. Different from the existing betting methods where the bookmakers determine events, odds, and rules, Chancer lets users decide for themselves. Users create P2P markets, determine rules, fix odds, and invite other participants to bet on a decentralised platform. The bets are facilitated by the $CHANCER token, the medium of exchanging value.
But it is not just the betting element, as Chancer is designed to be a medium of investment. Users earn from creating Chancer markets, besides making successful bets on them. For investors who love passive income, there is the option to stake the native token and earn yields. Users also earn for sharing the platform with others.
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