Bitcoin Rises Above $29,700 Ahead of US Inflation Data
The price of Bitcoin rose above $29,700 on Wednesday, August 9, 2023, ahead of the release of key US inflation data. The cryptocurrency has been on a volatile ride in recent months, but it has been gaining ground in recent weeks as investors have become more optimistic about the long-term prospects of the digital asset.
The US Bureau of Labor Statistics is scheduled to release its Consumer Price Index (CPI) data for July on Wednesday at 8:30 AM ET. Economists are expecting the CPI to rise by 8.8% year-over-year, which would be the highest rate of inflation since 1981.
A high inflation reading could put pressure on the price of Bitcoin in the short term, as investors may sell the cryptocurrency to hedge against rising prices. However, in the long term, Bitcoin could benefit from inflation if it is seen as a store of value that can protect investors from the devaluation of fiat currencies.
The price of Bitcoin is also being supported by the growing institutional adoption of the cryptocurrency. In recent months, several major financial institutions have announced plans to offer Bitcoin investment products to their clients. This increased demand from institutional investors could help to stabilize the price of Bitcoin and prevent it from falling too far in the event of a sell-off.
Overall, the outlook for Bitcoin is positive in the long term. The cryptocurrency has a limited supply, which makes it a good hedge against inflation. It is also becoming increasingly adopted by institutional investors, which could help to stabilize the price. However, the price of Bitcoin could be volatile in the short term, as it is sensitive to news about inflation and other macroeconomic factors.
In other news, Glassnode data reveals that long-term holders of Bitcoin now control more BTC than ever before. Binance’s latest proof-of-reserves (PoR) report has come under scrutiny following its depleting USDC reserves after the collapse of Silvergate Bank.
Bitcoin Price Today
The price of Bitcoin (BTC) is $29,701.86 today, with a 24-hour trading volume of $17,981,296,121.95. This represents a 1.66% price increase in the last 24 hours and a 0.21% price increase in the past 7 days. With a circulating supply of 19 Million BTC, Bitcoin is valued at a market cap of $577,761,404,218.
The global cryptocurrency market cap today is $1.21 trillion, according to CoinGecko.
Top Crypto Gainers And Losers
| Top Crypto Gainers | Top Crypto Losers |
|---|---|
| Hedera HBAR | Yield Guild Games (YGG) |
| Chainlink LINK | Blox CDT |
| Algorand ALGO | Telos TLOS |