Wednesday’s inflation data poised to move Bitcoin
Last Updated on 6 November 2023 by CryptoTips.eu
Bitcoin has been in a “boring” trading band between $25,000 and $30,000 for a few months now, but there will normally be renewed volatility as from Wednesday. The inflation data from the United States will be viewed with a magnifying glass by both crypto and stock market traders. The Federal Reserve will determine on the basis of that data whether the historic sky-high US interest rates should continue to increase, should remain the same, or should finally come down.
In case of the latter, you can count on a serious boost for all investments considered risky, in other words technology stocks and crypto. Finally some excitement to look forward to.
When Blackrock announced in June that it wanted to offer Bitcoin ETF in the future, Bitcoin promptly soared to $30,000. Two months later, it dropped back down to $25,000 after the SEC declined to rule on allowing such a filing.
A week ago, Grayscale won a lawsuit against the SEC and the price of Bitcoin soared to \$28,000 again. By now we’re looking at $25,000 again.
Boring Bitcoin for several months now. But luckily that can change as from Wednesday, because then the oh so important inflation data will finally arrive.
But before all those important events we await the important inflation boost. In any case, anything is better than this “boring” Bitcoin we’re witnessing right now.
Will it rise or fall, we don’t know yet, but at least it will do something.