Bears triumphed in bitcoin markets on Thursday, keeping the digital asset from climbing back above $30,000.
"The CPI came bang on in-line with pre-print predictions, though if it had come in significantly lower it would likely have benefited bitcoin," Genesis trading head Gordon Grant told The Block.
"Bitcoin has become a macro asset, and this is how we see it in terms of client flows," he continued."Its movements are now somewhat predicated on macro-economic events such as inflation, growth, and correlations with risk assets like tech stocks or gold. By contrast, newer institutional clients appear less interested, on the margin, in idiosyncratic effects such as on-chain developments."The world's largest digital asset was changing hands for $29,457 at 11:30 a.m.
Some analysts are betting Thursday's reading could cause the Federal Reserve to pause rate hikes, though there are factors influencing the inflation rate beyond monetary policy. Natural gas, gasoline and crude oil costs have risen this month, which adds price pressure across all supply chains. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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