Here are 5 major talking points when it comes to BTC this week.
Bitcoin network fundamentals are in two minds this week, echoing a seriously indecisive market mood.at its previous automated readjustment two weeks ago, Bitcoin network difficulty is due to recoup some of those losses.from Bitcoin education resource Bitrawr, difficulty should increase by around 1.2% to come within inches of new all-time highs., a consolidation phase within a broader uptrend is what arguably characterizes the current setup.
Hash rate values vary considerably by estimate, but after recent all-time highs, spikes in activity have cooled in recent weeks.Outside Bitcoin, talk is all about the week’s key macro data release in the form of the U.S. CPI print for July.Coming as inflation indicators almost unanimously point downward, CPI is a classic volatility catalyst, making Aug. 10 a day full of potential trading opportunities.
“Inflation data this week should give more color as to what the Fed will do in September,” financial commentary resource The Kobeissi Letter forecast, ahead of what it called “another busy week.” Other macro data due in the coming days includes the July Producer Price Index print on Aug, 11, as well as S&P 500 firm earnings throughout the week.3. July PPI Inflation data - Friday6. ~15% of S&P 500 companies reporting earningsWhile Bitcoin has shown increasingly muted reactions to CPI prints in recent months, zooming out, the picture for some market participants remains unequivocally tied to inflation.
“Amazing how if you shift Bitcoins price forward 9 months it literally tracks the rate of change in inflation exactly. It's almost like it could see the future,” Steven Lubka, Managing Director and Head of Private Clients and Family Offices at Bitcoin investment firm Swan wrote in part of recent social media commentary.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin (BTC) Price Analysis for August 6Can buyers hold the rate of BTC above the $29,000 zone? NickSzabo4 alistairmilne Maybemore_DC WhalePanda maxkeiser
Read more »
BTC Expert Edward Snowden to Speak at Bitcoin Amsterdam Conference This YearInfamous whistleblower, who supports BTC, is to attend upcoming Bitcoin conference in Amsterdam and deliver speech
Read more »
Bitcoin (BTC) Mining Software Libraries to Be Released by TetherPaolo Ardoino, CTO of Bitfinex and Tether, shared details of technical progress of segment of Tether's activity community typically overlooks
Read more »
Bitcoin (BTC) Whales Doing Mysterious Moves: Potential ReasonsAs Bitcoin sits adrift at $29,000, whales gearing up for a potential upswing, accumulating more of the cryptocurrency despite the current market turbulence
Read more »
Bitcoin OG bets surprising sum on BTC hitting $100K before the halvingBlockstream CEO adam3us is putting his money where his mouth is, betting that Bitcoin will reach a new all-time high of $100,000 before the halving event in April.
Read more »
Reports Suggest 11th-Largest Bitcoin Wallet Belongs to Stablecoin Giant Tether – Bitcoin NewsOver the last few days, reports have suggested that the 11th-largest bitcoin wallet belongs to the stablecoin issuer Tether.
Read more »