When Bitcoin (BTC), the largest cryptocurrency by market cap and a broad indicator of where the crypto market is going, went below the $20,000 price level around mid-June, there was widespread disappointment among crypto investors. So, every time it now flirts with the $20,000 level—Bitcoin has been above that level in the past few days—expectations go up, but does it indicate anything?
“This time, the crypto markets were in the green when the US CPI (Consumer Price Index) data released on July 14 put inflation at 9.1 per cent, a 40-year high. People immediately foresee a Federal Reserve rate hike to tame inflation and there will be trading with an accent on selling," says Vikram Subburaj, CEO and co-founder of Giottus, a cryptocurrency exchange.
Will Bitcoin Fall Further?
Some crypto experts believe that in a bearish market, such relief rallies are common and are not a long-term indicator of where the markets are headed.
"The reality is we are in a bear market and these small pumps...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...