Bitcoin and Stock Markets Demonstrate Stronger Positive Price Correlation Amid Inflation Fear
The closing price of the U.S. stock indexes, alongside bitcoin and ether over seven days, reveals the bearish reaction to rising inflation. The 90-day correlation between bitcoin and the S&P 500 has increased from around zero in June to about 0.3% now, representing a slightly positive price relationship. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.
Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity
Bitwise Asset Management has withdrawn the application for its Bitcoin futures ETF, citing what it said are the cost and complexity of such ETFs. The company will instead focus its efforts on its spot bitcoin ETF filing already in the pipeline. "The Hash" squad discusses the story and what it reveals about the pros and cons of investing in ETFs.
Bitcoin Retreats From All-Time High, Ether Follows
Bitcoin is down 5% in the last 24 hours after peaking at an all-time high of around $68,950 Wednesday. Ether also reached an all-time high Wednesday, hitting $4,851, but is down a little over 2% on the day. Rich Rosenblum, co-founder and president of GSR Markets, discusses the potential factors driving lower prices.
Why Rising Inflation Could Be Good for Bitcoin
Bitcoin rises to a fresh all-time high after the U.S. Bureau of Labor Statistics releases the October consumer price index (CPI) number, the highest since 1990. CoinDesk's Galen Moore discusses why the inflation increase "would be good for bitcoin," adding "[inflation] tends to seem to drive bitcoin and the stock market apart." Plus, reasons behind Coinbase's user numbers and revenue decline for the third quarter.
Where Is Bitcoin Headed Next After Closing in on $69K?
Bitcoin broke $69,000 on some exchanges for the first time. Chief Business Officer at Blockchain.com Lane Kasselman discusses the potential catalyst behind the price surge and the possible headwinds for bitcoin ahead. Plus, insights into his firm's growth and noteworthy statistics as it celebrates its 10th anniversary.
Bitcoin Rallies to New Record High After CPI Release
New data on bitcoin's hourly price chart shows a rally to new record highs in the wake of a hotter-than-expected October reading in the U.S. consumer price index (CPI). The report showed the cost of living in the U.S. rose 6.2% in October from a year earlier, the fastest since 1990. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.
Bitcoin Hits New All-Time High as Inflation Spikes 6.2% in October, Highest CPI Number Since 1990
Bitcoin has hit a new record high of $69,000 in some exchanges after the U.S. consumer price index jumped 6.2% in the last 12 months through October, the highest rate since 1990. “The Hash” team discusses what rising inflation could mean for bitcoin crypto markets and the overall financial sector.