30-day BTC earnings currently stand at 28%
- The number of users entering the Bitcoin network in recent days has been quite large.
- Inflation numbers in the United States are at their worst in over a decade, leading Bitcoin bulls to rack up more.
- Reports indicate that consumer prices are expected to rise 0.5% in the near term.
After reaching a relatively high level of AU 51,600, Bitcoin’s value corrected and fell by around 2%, bringing the asset value closer to its current level of around AU 58.5,000. At the time of going to press, digital currency is trade at AU $ 59,000.
Regarding potential future actions on BTC prices, Lex Moskovski, Director of Investments at Moskovski Capital, Underline this data available online suggests that there has been a dramatic increase in the number of new users entering the Bitcoin network, which could have contributed to increasing the value of BTC / USD recently.
Likewise, chain analyst Willy Woo is also from opinion that Bitcoin’s current momentum should see it easily surpass the AU $ 68,000 threshold. In his view, there is a serious imbalance between supply and demand in the market, which could lead to price spikes in the short term.
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Incoming inflation numbers could help boost the crypto market
According to multiple sources, the US Bureau of Labor Statistics is set to release the July Inflation Report in the coming days, with markets forecasting a peak of 0.5%. These projections are based on the fact that the Consumer Price Index (CPI) recently posted a 5.4% year-over-year jump, its biggest increase in more than a decade.
As would be expected, these numbers were viewed extremely positively by Bitcoin bulls around the world. However, despite all the optimism, the near-term digital currency hike target only appears to be around AU $ 60,000. Therefore, it will be interesting to see how the next few days play out for the market.
Market confidence is at an all time high
In recent months, an increasing number of traditional players have continued to enter the crypto industry. For example, insurance giant AXA recently started to authorize customers start paying their bills using BTC. Likewise, Visa now accepted USDC regulations (a stablecoin backed by the US dollar), allowing a higher degree of financial flexibility. More recently, the Amatil subsidiary of Coca-Cola Free its suppliers the possibility of starting to make payments in crypto.
Finally, many dominant financial entities such as JPMorgan Chase, Goldman Sachs, Citigroup and BlackRock have recently shown their commitment to the crypto industry by making significant investments in various digital offerings.
Interested in cryptocurrency? Learn about the basics with our beginner’s guide to Bitcoin, dig deeper by learning about Ethereum, and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing
This information should not be construed as an endorsement of the cryptocurrency or any specific provider, service or offer. This is not a trade recommendation. Cryptocurrencies are speculative, complex, and carry significant risk – they are very volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own situation and get your own advice before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the websites of relevant regulators before making any decisions. Finder, or the author, may have holdings in the cryptocurrencies discussed.