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Bitcoin briefly heads back down to $27,000 thanks to unexpected non-farm payrolls numbers, with BTC price staging a strong recovery. Bitcoin (BTC) saw a snap retest of $27,000 around the Oct. 6 Wall Street open as wildcard United States employment data rattled markets. BTC/USD 1-hour chart. Source: TradingView Analysis: Jobs data "not what Fed wanted to see" Data from Cointelegraph Markets Pro and TradingView followed BTC price action as the largest cryptocurrency lost 2.1% in a single hourly candle. A subsequent rebound saw bulls recover those losses, with $27,700 — the area of interest from before the data release — now back in focus. The volatility came thanks to U.S. non-farm payrolls (NFP) jumping to almost double the number expected for September — 336,000 versus 170,000, respectively. Demonstrating the labor market’s ongoing resilience to the Federal Reserve's counterinflation measures in the form of interest rate hikes, the implications of the September result w...

Macro factors will play a dominant role in sparking the next crypto bull market, which should start in Q2 2024, according to Raoul Pal. The next crypto bull market is likely to kick in in Q2 next year when the Bitcoin halving is set to take place, says macro investor and Real Vision CEO Raoul Pal. He is convinced that, despite the hype surrounding the halving, macro factors will play the leading role in sparking the next uptrend.  According to Pal, the Bitcoin halving cycle coincides with the macro cycle, which means every halving so far has taken place in a similar macroeconomic environment: monetary expansion and low interest rates. “Macro is actually the dominant factor and the halving is a false narrative, but it doesn't matter because it still works,” Pal said in an interview with Cointelegraph. Among the main catalysts favoring crypto next year are central banks cutting interest rates and potential fiscal stimulus that could precede the U.S. presidential election.  Regar...

Bitcoin’s 150% gains over the last two years in Argentine pesos is no match for the country’s 300% inflation in the period. Argentina has grappled with hyperinflation for several decades due to populist policies that have led to budget deficits. As time marches on, the likelihood of Argentina, home to 47 million Latin Americans, facing a full-scale currency collapse looms. But what are the prospects for increased adoption of Bitcoin (BTC), given its outstanding track record when priced in the local Argentine Peso (ARS) currency? Throughout its history, the Argentine government has frequently resorted to the practice of inflating the money supply, be it through bank deposits or government bonds. Notably, Argentina's aggregate money supply M1, comprising currency, demand deposits, and other checkable deposits, has surged from 2.81 trillion ARS in July 2019 to a staggering 10.66 trillion ARS, marking a substantial 277% increase over the span of three years. What happened to Bitcoin’s...

The global economy is tumbling, but we might be able to find some hope in cryptocurrencies. Around the world, personal financial stress is peaking. A recent study in America found that more than three in four people feel anxious about their financial situation. This is seeding anti-risk mentalities and prompting fears around the safety of long-term savings, including retirement funds.  However, that shouldn’t mean hiding money under the floorboards. Nor should it necessarily mean handing over the reins to a low-growth pension fund, which at current rates of inflation, are likely to be losing value. It means being smarter about assessing all options and diversifying. And that requires freedom. That’s what Alabama Sen. Tommy Tuberville (R)  was advocating when he proposed the Financial Freedom Act in May, which would permit all Americans with self-directed retirement plans to add cryptocurrency to their 401(k)s — a defined-contribution, personal pension account. It was prompted by a pie...

The U.S. inflation narrative shifts away from ease-of-control in what could further pressure risk asset performance. Bitcoin (BTC) fluctuated around the key $20,000 mark into Aug. 31 as the outlook on United States Inflation darkened. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD again dipping below last halving cycle’s top overnight, only to regain lost ground to circle $20,300 on the day. The rangebound moves accompanied modest recoveries for U.S. stocks, with the S&P 500 and Nasdaq Composite Index up 0.15% and 0.6% within the first hour’s trading, respectively. Concerns over the Federal Reserve’s plans on tackling inflation after last week’s gloomy speech by Chair Jerome Powell nonetheless lingered. Despite Powell’s earlier rhetoric, Diane Swonk, chief economist at KPMG, told mainstream media that the entire concept of a “soft landing” for the U.S. economy was now shelved. Powell’s speech had in fact “buried the concept of a soft landing,” she explained to ...

$4.2 billion in BTC options expire on March 31, and despite weeks of harsh regulatory action against the crypto sector, bulls are well positioned to profit. Regulation continues to be the primary concern for Bitcoin bulls, especially after the Commodity Futures Trading Commission (CFTC) sued Binance for trading and derivatives law violations. The regulator wants Binance to repay the trading profits, revenues, salaries, commissions, loans and fees it received from US citizens, as well as paying civil penalties for the violations. The increase in Bitcoin’s price was also fueled by a shift in sentiment toward risk assets after the U.S. Federal Reserve Chair Jerome Powell said interest rate hikes are no longer the default move to curb inflation. The central bank understood that the current situation will likely “result in tighter credit conditions for households and businesses, which would in turn affect economic outcomes.” Fixed-income investors earn more when interest rates rise, so buy...

Bitcoin and crypto react bullishly to news that the Fed is providing liquidity again in the wake of Silicon Valley Bank failing and Signature Bank being closed. Bitcoin (BTC) begins a new week with a bullish surge above $22,000 as the Federal Reserve injects liquidity into the United States economy. In a move which can rival any classic Bitcoin comeback, BTC/USD is up a full 15% off the two-month lows seen on March 10. The volatility — and at least temporary relief for bulls — is all due to events in the U.S. after the failure of one bank and the forced halting of another’s operations. Silicon Valley Bank and Signature Bank are the latest victims in a brutal year for financial institutions under the Fed’s rising interest rates — will the trend continue? Despite Signature being crypto focused and a major on-ramp from fiat, crypto markets have so far seen no reason to abandon optimism at the prospect of the Fed providing fresh money. Not everyone, however, believes that this constitutes...

The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on Wednesday after markets priced in near 100% certainty the Federal Open Market Committee (FOMC) would codify the quarter-point increase. The FOMC statement further detailed that ongoing rate increases are anticipated to bring inflation down to the target range of 2%. FOMC Outlines Expectations for Future Rate Hikes The central bank of the United States raised the federal funds rate on Wednesday, increasing it by 0.25% to the current range of 4.5% to 4.75%. The FOMC detailed in a statement that indicators show there has been “modest growth in spending and production” and job gains have been “robust in recent months.” However, the committee says that while inflation has dropped, it “remains elevated,” and it believes the conflict in Ukraine is “causing tremendous human and economic hardship.” “The committee seeks to achieve maximum employment and ...

The US Consumer Price Index numbers were out a day back. Notably, inflation for September dropped to 8.2%, the lowest since February this year. Initially, as equity futures plummeted, even Bitcoin dropped. However, it initiated a recovery right after and embarked on a recovery towards $20k. Consequentially, Bitcoin was trading in the green on the daily on Friday, after inclining by more than 3.5%. Read More: US inflation falls to 8.2% in September Even though the asset re-claimed a $380 billion market cap, its social dominance remains to be malnourished. As far as this metric is concerned, it shares a direct correlation with Bitcoin i.e whenever BTC’s social dominance is high, prices typically rise and vice versa. As illustrated below, whenever the discussion rate on social platforms has exceeded 20%, green candles have been registered by BTC. So, the same hovering around 13% at the moment indicates that the community is not essentially pumped . Source: Santiment Wi...