Analysis Crypto by Thebittimes.Com

US dollar decline this summer has catalyzed major concerns across various financial sectors as Bank of America warns the greenback could drop further after falling 9% this year. The bank’s analysts have spearheaded predictions of continued weakness due to tariff concerns and policy uncertainty, with Bitcoin and gold prices potentially accelerating benefits from the ongoing dollar struggles. Also Read: De-Dollarization: 9 Global Alliances Abandon US Dollar Bitcoin, Gold Gain As US Dollar Faces Tariffs And Inflation Source: Reuters Bank of America’s Summer Outlook for US Dollar Decline Bank of America’s global FX research team has engineered expectations that the us dollar decline this summer will continue based on several key economic indicators right now. The dollar index has transformed market dynamics by dropping to 99.74 this year, and this decline has been leveraged largely by President Trump’s tariff policies that have accelerated investors’ shift awa...

Pepe (PEPE) is currently the best-performing cryptocurrency among the top 100 projects by market cap. The frog-themed memecoin has rallied 17.3% in the last 24 hours. Bitcoin (BTC) and other major projects have rallied by only single digit percentage points in the same time frame. The memecoin has also rallied by 1.2% in the weekly charts. Despite the recovery, the asset’s price is down 13.7% in the 14-day charts, 25.3% in the monthly charts, and 17.8% since March 2024. Also Read: Shiba Inu Gave $16 Million in Profits With An Investment of $1,000 Source: CoinGecko Cryptocurrencies Make Slight Recoveries Source: Watcher Guru The crypto market seems to be slowly recovering from its recent plummet. Bitcoin (BTC) briefly fell below $80,000 earlier this week. The original crypto has since reclaimed the $83,000 mark. PEPE and other memecoins are also making a recovery. Also Read: Will Donald Trump Lower Taxes in 2025? The rally could be due to inflation news in the US. Inflation has ris...

Gold bars recently sold out at Costco, reflecting investors’ souring mood about the economy. Is there a silver lining for Bitcoin? Costco has made headlines this week after it rapidly sold out of gold bars. In times of economic uncertainty and rising inflation, it's no surprise that investors are turning to traditional safe-haven assets like gold. The question is whether gold’s performance will eventually catapult its price above $2,050, a level last seen in early May. In the past 12 months, the price of gold has surged by an impressive 12%. This rally has been partially fueled by the Federal Reserve's efforts to combat inflation by maintaining higher interest rates, a move that benefits scarce assets like gold. While gold's performance is commendable, it's essential to put it into perspective. Gold (yellow) vs. Bitcoin (orange), S&P 500 (green) and WTI oil (black), last 12 months. Source: TradingView Over the same period, gold's returns have roughly matched th...

Several macroeconomic indicators suggest that bearish headwinds could strengthen during the remainder of 2023 and possibly negatively impact the crypto market. 2023 has been a whipsaw year for investor sentiment and even though equities market s have defied expectations, a recent report from ARK Invest highlights reasons why the remainder of 2023 could present several economic challenges.  ARK manages $13.9 billion in assets, and its CEO, Cathie Wood, is a strong advocate for cryptocurrencies. In partnership with the European asset manager 21Shares, ARK Investment first applied for a Bitcoin exchange-traded fund (ETF) in June 2021. Their most recent request for a spot BTC ETF, which is currently pending review by the U.S. Securities and Exchange Commission (SEC), was initially filed in May 2023. Long-term bullish, short term bearish? Despite ARK’s bullish view on Bitcoin which is supported by their research on how the fusion of Bitcoin and Artificial Intelligence could transform corpo...

BTC price action strengthens into the November monthly candle close, but traders are already warning over getting too "cocky" on Bitcoin. Bitcoin (BTC) attempted to flip $17,000 to support on Dec. 1 after sealing its lowest monthly close in two years. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin gains inch up as November end Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $17,100 in a second intraday charge at higher levels. The pair managed to avoid losses as the monthly candle close d, instead seeing solid daily gains of around 4.5% for Nov. 30. Nonetheless, Bitcoin shed 16.2% for the month , making November 2022 its worst since 2019. BTC/USD monthly returns chart (screenshot). Source: Coinglass The more buoyant mood coincided with comments from the United States Federal Reserve. In a speech on inflation and the labor market, Chair Jerome Powell openly stated that smaller interest rate hikes could begin as soon as Decemb...

Under the $19,350 resistance level, Bitcoin price prediction remains bearish; however, $15,850 is acting as a major support and may underpin BTC. After the release of October's CPI figures, Bitcoin experienced a sudden 10% jump. The unexpectedly low CPI reading sent the price of risky assets like cryptocurrency soaring. Weaker US Inflation Figures Underpin Bitcoin A gauge of core consumer price pressures fell from record highs in October, easing inflationary pressures in the United States and boosting hopes that the Federal Reserve may slow the pace of its rate hikes in November.  While the "headline" consumer price index saw its annual pace decrease to its lowest since January, traders focused on the "core" reading and its potential implications for monetary policy due to signals of reducing inflation ary pressures.  The numbers for core CPI, which excludes food and energy, were announced on Thursday, and they showed a 0.3% increase over...