Bitcoin Tanks as US Inflation Cracks 9.1% in June 

The US Consumer Price Index (CPI) increased by 1.3% in June, ramping up speed from May’s 1.0% increase. This brings annual CPI up from 8.6% to 9.1%, breaking yet another 40-year high. As the Bureau of Labor Statistics reported on Wednesday, June experienced a “broad-based” price increase across gasoline, shelter, and food alike. Specifically, the energy index rose by 7.5% – up from 3.9% in May. This alone accounted for half of the all items index increase. Meanwhile, the food…

Crypto Adoption Improves in Turkey as Inflation Hits Record High

Turkish residents are turning to cryptocurrency and gold as the nation remains in the grip of rapidly rising inflation rates. Inflation Rates Soar Over the years prices in Turkey have shot up gradually. However, June marked the highest increase the nation has seen in nearly a quarter-century. At the moment, Turkey’s statistics institute places the annual inflation rate at 78.62%. The agency recorded a 4.95% increase from May’s 73.5% inflation rate. Various factors have contributed to the skyrocketing prices. These…

Canadian Leadership Candidate Pierre Poilievre Backs Bitcoin as Alternative to Devaluing Dollar

Pierre Poilievre – Canadian MP and front-runner for Conservative leadership – is showing support for Bitcoin. This is part of his campaign to combat growing inflation in Canada. On Monday, the politician visited a Shawarma shop in London, Ontario to purchase a meal using the cryptocurrency and promised to make Canada the “blockchain capital of the world.” Addressing Inflation With Bitcoin Inflation is a focal point of Poilievre’s campaign. He frequently notes the record CPI increases experienced by Canada in…

Can Cryptocurrencies Protect the World from Inflation?

Cyclically, inflation has become a hot topic in different economies. After years of near-zero (or even negative) inflation rate, the world is entering a new inflationary phase. Consequently, investors need to find ways to protect their portfolios during such periods. Our article will briefly explain how inflation can damage investment portfolios, a fundamental premise to the rest of the analysis. Going on, we will try to assess the power of cryptocurrencies to hedge inflation. How Inflation Puts Investments at Risk…

Bitcoin Goes Volatile After February Inflation is Reported at 7.9%, Highest in 40 Years

The US Bureau of Labor Statistics just released the nation’s price statistics for February 2022 – and they don’t look good. The all-items Consumer Price Index (CPI) is running at 7.9% over the last 12 months – the hottest in over 40 years. More Record-Breaking Inflation The bureau releases its monthly inflation report at 8:30 am EST approximately 10 days into each following month. The CPI tracks the average prices for a basket of commonly purchased consumer goods including food,…

How the Russia-Ukraine Conflict Affects Gold and Bitcoin Performance

Bitcoin and gold are the leading indicators of how their respective markets handle a crisis. Currently, these two assets are feeling the full effect of the Russia-Ukraine conflict, which has severely impacted financial markets worldwide. However, their performances have been quite the opposite so far. As the stocks markets came crashing down, Bitcoin and gold battled to become the better inflation hedge. Since the armed conflict is far from over, we cannot establish a winner. However, we can use the…

Crypto Prices Moved Higher Following Powell’s Congress Testimony on Inflation

Just a few days ago, the crypto world was looking with interest at the testimony of Jerome Powell in front of the U.S. Senate. The Chairman of the Federal Reserve appeared in front of the Committee on Banking, Housing, and Urban Affairs on January 11th. The testimony inaugurated the beginning of Powell’s second term leading the Federal Reserve. As the inflation rate appears to pick up in the Western world, many are looking at the Fed to learn about its…

Bitcoin Price News – The King Crypto Seesaws while U.S. Inflation Hits 39-Year High

Bitcoin continues to fluctuate in value between $41,000 and $43,000 at the start of the week. The most popular cryptocurrency worldwide cannot overcome the bad news and fear of shrinking most financial markets. For instance, the U.S. just recorded the highest inflation in the past four decades. Nevertheless, crypto analysts remain optimistic about Bitcoin's foreseeable future. Bitcoin’s Flat Volatility As the third week of January kicks off, the crypto market’s capitalization drops below the $2 trillion level. This downtrend affects…

Bitcoin Is Not An Inflation Hedge, According To Mark Cuban

On Monday, Dallas Mavericks owner Mark Cuban and prominent Bitcoiner Preston Pysh were at it again over Twitter. Amid their argument, Cuban asserted that Bitcoin was not and would never be an inflation hedge. Instead, like his Shark Tank co-star Kevin O’Leary, Cuban is primarily interested in a range of other altcoins, including Doge. The Argument The spat began with Cuban wishing that spambots advertising various crypto projects on Twitter would disappear. But, unfortunately, such spam is rampant in crypto…

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