{"id":46734,"date":"2023-08-10T08:40:08","date_gmt":"2023-08-10T12:40:08","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-is-falling-why-even-key-inflation-data-may-not-matter-to-cryptos\/"},"modified":"2023-08-10T08:40:11","modified_gmt":"2023-08-10T12:40:11","slug":"bitcoin-is-falling-why-even-key-inflation-data-may-not-matter-to-cryptos","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46734","title":{"rendered":"Bitcoin Is Falling. Why Even Key Inflation Data May Not Matter to Cryptos."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

Bitcoin and other cryptocurrencies fell back on Thursday, continuing to languish below peak levels reached earlier this year. A historically quiet period for digital assets could mean that even key U.S. inflation data might not move the needle much.<\/p>\n

The price of
\n Bitcoin
\n has dropped 1% over the past 24 hours to below $29,500, remaining below the key $30,000 level that had supported the largest crypto for months until a slide in late July.<\/p>\n

\n

\u201cBitcoin attempted to climb above $30,000 and was again pushed back by sellers,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThe technical picture \u2026 is on the side of the bears, who have managed to keep Bitcoin below its 50-day moving average, signaling a change in the medium-term trend from bullish to bearish. A break below $28.8K can switch the entire crypto market into a faster sell-off mode.\u201d<\/p>\n

Digital assets are in a period of historically low volatility, a trend that some bulls point to as a precursor to another run higher after big gains already seen this year. But low volatility could also be a more permanent shift for Bitcoin\u2014and one that isn\u2019t necessarily positive for market dynamics.<\/p>\n

Either way, a trading lull could result in a muted reaction to key inflation data due Thursday in the form of the U.S. consumer-price index (CPI) for July\u2014a metric that is sure to move the
\n Dow Jones Industrial Average
\n and
\n S&P 500.<\/span>\n <\/p>\n

\u201cIt\u2019s noticeable that Bitcoin\u2014unlike traditional finance\u2014hasn\u2019t benefited as much in recent months from decelerating U.S. inflation and the prospect of an imminent end to the U.S. tightening cycle, further evidence we\u2019re in a summer crypto lull,\u201d said Antoni Trenchev, managing partner at crypto lender Nexo.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest token\u2014lost less than 1% to $1,850. Smaller cryptos or altcoins were similarly muted, with
\n Cardano
\n and
\n Polygon
\n each slipping near 1%. Memecoins exhibited more of the same, as
\n Dogecoin
\n and
\n Shiba Inu
\n shed less than 1% each.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies fell back on Thursday, continuing to languish below peak levels reached earlier this year. A historically quiet period for digital assets could mean that even key U.S. inflation data might not move the needle much. The price of Bitcoin has dropped 1% over the past 24 hours to below $29,500, remaining […]<\/p>\n","protected":false},"author":1,"featured_media":46735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46734","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Is Falling. 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