October 4, 2022 4:40 pm

Where Ted Talks end, Truth Talks begin.

Market Wrap: Bitcoin Retraces Gains as Investors Await Inflation Announcement

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Market Wrap: Bitcoin Retraces Gains as Investors Await Inflation Announcement

By Jimmy He

BTC declined for the fourth consecutive day, erasing Friday’s push above $22,000.

Bitcoin (BTC) continued to retrace last week’s gains, declining for the fourth straight day toward the psychologically critical price of $20,000.

The largest cryptocurrency by market capitalization was down 1.8% over the past 24 hours, around $20,500.

Although bitcoin surged above $22,000 last week, the cryptocurrency has consistently failed to break out. Still, some analysts are getting more optimistic about a market recovery.

“BTC has never previously fallen below such marks, so it is now getting support from buyers confident in the first cryptocurrency’s long-term growth,” FxPro senior market analyst Alex Kuptsikevich said. “Another supportive factor was the rebound in financial markets, where the new half-year was met with increased buying.”

Wednesday’s expected release of June’s Consumer Price Index (CPI), the most widely regarded measure of U.S. inflation, may show whether the Federal Reserve’s hawkish monetary policy has succeeded in slowing the pace of rising prices. If the increase exceeds investor expectations, traditional and crypto markets may both see another wave of selling that could push bitcoin lower.

EToro market analyst Simon Peters said that eyes are also “firmly on ether” as the second-largest cryptocurrency by market capitalization moves towards its Merge and transitions from proof-of-work to proof-of-stake.

“While it’s impossible to know what effect the move to a proof-of-stake network will have on the crypto-asset price, theoretically it is deflationary as it encourages holders to stake rather than sell their tokens,” Peters said.

Ether (ETH) was down 2.7% over the past 24 hours. Most altcoins were trading in the red today with UNI as the biggest loser, down 8.4%.

Latest prices

●Bitcoin (BTC): $20,495 −1.8%

●Ether (ETH): $1,141 −2.7%

●S&P 500 daily close: 3,854.47 −1.2%

●Gold: $1,730 per troy ounce −0.6%

●Ten-year Treasury yield daily close: 2.99% −0.1

Ether, Short-Bitcoin Inflows Continue: CoinShares Report

CoinDesk - Unknown
Crypto funds saw minor inflows in the seven days through June 8. (CoinShares)

Crypto fund inflows totaled $15 million in the seven days through July 8, according to a CoinShares report.

Over half of that, some $7.6 million, was attributed to ether-focused funds, for the third consecutive week of inflows. A cold streak for ether funds earlier this year had pushed cumulative outflows to $460 million.

“The inflows suggest a modest turn-around in sentiment, having endured 11 consecutive weeks of outflows,” according to the report.

CoinShares suggested in the report that an improvement in Ethereum network sentiment may be due to the approaching Merge, where the blockchain network moves from proof-of-work to proof-of-stake.

Last week, Ethereum successfully transitioned its Sepolia test environment network (test-net) to proof-of-stake, moving the second-largest cryptocurrency by market capitalization one step closer to its own Merge.

Short-bitcoin investment products – those betting on a price decline in the largest cryptocurrency – saw inflows totaling $6.3 million, a sweeping decline from the $51 million of inflows seen last week. Short-bitcoin outperformed traditional bitcoin investment products, which saw outflows totaling $1.7 million.

Altcoin funds were stagnant, with minor outflows totaling $300,000.

Regionally, North America accounted for the majority of inflows, with U.S. inflows totaling $8.2 million and Canadian inflows totaling $7.1 million.

Altcoin roundup

  • Terra projects being moving to Polygon: Almost two months after the Terra network collapsed following the implosion of terraUSD (UST), more than 48 projects previously on the Terra network have begun migrating to Polygon. Over $20 million had been earmarked to help projects that are migrating.
  • Celsius Reclaims $172M Collateral: The liquidity-strapped crypto lender paid down $95 million of its debt to the Aave and Compound decentralized finance (DeFi) platforms, freeing up $172 million of collateral that had been locked in the platforms. Last week, Celsius Network paid its remaining $41 million debt to Maker, freeing up $440 million of collateral.
  • Saudi Arabia-Themed NFT Collection is the Latest Free-to-Mint Hit: The collection, called The Saudis, consists of 5,555 non-fungible tokens (NFT) and topped the charts for volume in its debut weekend with $7.7 million in sales. The project continued the trend of popular free mint, theatrically driven projects.

Other markets

Biggest Gainers

Asset Ticker Returns DACS Sector
Chainlink LINK +1.8% Computing
Cosmos ATOM +1.6% Smart Contract Platform
Polygon MATIC +0.7% Smart Contract Platform

Biggest Losers

Asset Ticker Returns DACS Sector
Solana SOL −5.2% Smart Contract Platform
Dogecoin DOGE −4.8% Currency
Avalanche AVAX −4.8% Smart Contract Platform

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $50 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published.

Play Video

McIntyre Report
Political Talk Show

How you can advertise on Truthbook.social

Jamie McIntyre
TruthBook.social Videos

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 03.10.2022

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

TruthTalks business partnership

Ideal for freedom movement activists, influencers, digital nomads, content creators and those who refuse to be silenced and want to expose the Globalists Agenda .

Truth Talks Partner Opportunity

Click here to learn more about this opportunity and how 12 online clients per year can earn you $203,000 USD per annum

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY