Bitcoin Magazine Hot Inflation Data Puts Bitcoin Under Pressure, but ‘Difficult’ Isn’t ‘Bearish’: CoinShares
Bitcoin’s price has dropped this week as new inflation data has come in hot.
But while the largest cryptocurrency’s near-term setup is difficult, it’s not “fundamentally bearish,” according to European asset manager CoinShares’ Head of Research, James Butterfill.
In a report Friday, the analyst said that bitcoin’s near-term challenge stems from a macro environment that’s caught in an awkward middle ground: inflation is too elevated for the Fed to ease up, while the economy is too resilient to force a policy pivot.
“Bitcoin and the broader digital asset market have moved lower on the resulting hawkish repricing, a reminder of how sensitive Bitcoin remains to monetary policy over short horizons,” he wrote.
Bitcoin’s price recently stood at $81,473, down 2% over a seven-day period.
Source: Bitcoin Magazine
Curated by GTokenTool. All rights reserved by the original publisher. For informational purposes only — not investment advice.