Bitcoin Traded at a psychologically significant $ 40,000 level during the press on Thursday evening, the global cryptocurrency market capitalization fell 4.35% to $ 1.75 trillion.
| coin | 24hours | 7 days | price |
|---|---|---|---|
| Bitcoin (Cryptography: BTC) | -6.1% | -5.6% | $ 39,300.01 |
| Ethereum (Cryptography: ETH) | -4.3% | -5.2% | $ 2,596.16 |
| Dogecoin (Cryptography: Doge) | -3.8% | -8.1% | $ 0.12 |
| Cryptocurrency | 24-hour rate of change (+/-) | price |
|---|---|---|
| icon (ICX) | + 41.5% | $ 0.93 |
| wave (wave) | + 30.53% | $ 28.71 |
| ThorChain (Rune) | + 11.1% | $ 4.91 |
Related item: How to buy Bitcoin (BTC)
Important reason: On Thursday, the US Department of Labor announced February’s inflation rate. The Headline Consumer Price Index (CPI) rose 7.9%, surpassing the estimated 7.8%, the largest rise since January 1982.
After inflation data, risk assets fell. The S & P 500 and Nasdaq closed at 4,259.52 and 13,129.96, 0.4% and 0.95% lower, respectively.
Cryptocurrencies moved along the stock and headed downwards. However, some analysts believe that Apexcoin could emerge as a hedge against inflation.
“Panics can lower short-term prices, but in the long run I think #Bitcoin is the best way to combat inflation,” he tweeted. Michael van de PoppeCryptocurrency trader.
Such a high inflation investment paper; want to be equity? $ USDGoods or #Bitcoin??
Panic may cause prices to drop in the short term, but in the long term #Bitcoin The best way to deal with inflation.
—Michaëlvan de Poppe (@CryptoMichNL) March 10, 2022
Co-founder of the on-chain analytics company Glassnode, Jan & JannThe product looks powerful and tweeted that there is a “rotation to value”.
The charts they share show the top 10 assets by market capitalization, showing Bitcoin’s year-to-date performance down 15% and gold up 14%.
The top 10 assets by market capitalization show a strong commodity and rotation to value
Does liquidity flow to higher risk assets such as: #Bitcoin What if the probability of 96% of the target rate is 25-50 bps? Check here https://t.co/6eOWyypDgk pic.twitter.com/OPTdhQwUbi
— Negentropy (@Negentropic_) March 10, 2022
Meanwhile, according to Delphi Digital, Bitcoin’s put / call ratio reached a six-month high of 0.69 in February in a bearish market sentiment.
On Thursday, the volume-adjusted put / call ratio reached a monthly low of 0.44 due to the increase in call volume. According to Delphi, Derivit Traders bought the April 29 BTC call on strikes of $ 42,000, $ 50,000 and $ 60,000, raising the exchange’s estimated value to $ 193 million.
“This may indicate that traders are turning bullish, even in an uncertain macro environment.”
Open Interest and Volume BTC Options Open Interest to BTC Put / Call Ratio — Courtesy Glassnode
Ethereum has formed a stronger correlation with the S & P 500 Index than Bitcoin over the past month. According to financial market data and content platform Santiment, gold has an inverse correlation of “spot-on” with the two largest cryptocurrencies by market capitalization.
# Ethereum Remains surprisingly close to the price of # SP500..In fact, the correlation is much closer than #BitcoinUnique correlation with # SP500 For the past month. again, #gold Both had a spot-on inverse correlation. https://t.co/3TJH7zwjcd pic.twitter.com/BPatTroxGW
— Santiment (@santimentfeed) March 10, 2022
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