European Central Bank Raises Interest Rates in Fight Against Inflation, Investors Look to Bitcoin
The European Central Bank (ECB) has followed the United States Federal Reserve's lead by raising three key interest rates by 25 basis points in an attempt to combat inflation. Despite inflation declining, the ECB has admitted that it is still expected to remain too high for too long. The rapid increase in rates could negatively affect the expansion of loans in the European region and economic activity. Investors are looking towards Bitcoin and other cryptocurrencies as a hedge against inflation, as Bitcoin has remained stable despite the growing rates.
The Weakening Correlation Between the US Dollar and Bitcoin Could Potentially Benefit the Cryptocurrency
The US dollar has a significant impact on Bitcoin and other risk assets as it is the global reserve currency. In the past, Bitcoin has shown an inverse relationship with the dollar, gaining strength when the dollar weakens. However, this correlation has weakened recently, despite the dollar's decline. If the correlation returns, Bitcoin may have the opportunity to advance.
US Federal Reserve Chair Jerome Powell Says Inflation Containment Goal Has a Long Way To Go
US Federal Reserve Chair Jerome Powell has stated that the central bank's aim of keeping inflation contained at a 2% target is still far from being achieved. Speaking at a post-Fed meeting press conference, Powell discussed the state of the US economy and the forecast for the coming months.
Bitcoin Holds Steady Despite US Federal Reserve's Interest Rate Hike
Following the United States Federal Reserve's decision to raise interest rates to a 22-year high, Bitcoin experienced a minimal 0.1% 24-hour increase and was trading at $29,304. Ethereum, the second largest cryptocurrency, remained stable and was priced at $1,859. The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point and emphasized the importance of continuing the fight against inflation until it drops to 2%.
Bitcoin Price Reaches Record High in Turkey as Lira Falls to Fresh Low
The Turkish Lira has hit a new low against the US dollar ahead of an upcoming central bank rate decision. This has resulted in Bitcoin reaching an all-time high against the local currency.
Dollar Hovers at 15-Month Lows As Markets Bet on End of Rate Hike Cycle
The US dollar remained at a 15-month low on Friday due to easing inflation, which has led markets to believe that the Federal Reserve is nearing the end of its rate hike cycle.
Bitcoin's Unmoved Supply Reaches All-Time High, Indicating Growing Institutional Interest
Bitcoin's unmoved supply, which refers to the amount of BTC that hasn't been transferred in over a year, has reached an all-time high.
Rich Dad' R. Kiyosaki Predicts Bitcoin to Hit $120k Next Year as 'USD Will Die
Robert Kiyosaki, author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has advised his followers to invest in assets like Bitcoin as warnings continue that the US dollar will lose its position as the global reserve currency.
Robert Kiyosaki Predicts Bitcoin to Reach $120k Next Year Amidst Impending USD Devaluation
Bitcoin is leading a bullish reversal in the crypto market, with a 1.83% jump in the past 24 hours to reach $30,629.25. Robert Kiyosaki, author of "Rich Dad Poor Dad," predicts that the BRICS alliance will announce a gold-backed cryptocurrency next month, which could change the valuation of the US dollar.
Central Banks Loading Up on Gold to Battle Inflation Despite Underperforming Bitcoin
Recent research shows that central banks worldwide are buying gold to stay ahead of inflation, with 85 sovereign wealth funds and 57 central banks collectively managing $21 trillion. While gold has long been considered a store of value and inflation hedge, Bitcoin has outperformed it this year. In 2022, central banks made record gold purchases with net acquisitions of 1,136 tonnes, with China and Turkey being the most aggressive buyers.
