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Bitcoin as Inflation Hedge: Investors Flock to Binance Before CPI Data

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  • Bitcoin holdings on Binance surged by 22,106 BTC amid investor concern over inflation and CPI data release.
  • Traders are moving funds to Binance in anticipation of inflationary changes linked to CPI and tariffs.
  • The rise in Bitcoin deposits signals market caution as investors seek refuge in crypto ahead of the CPI report.

Bitcoin holdings on Binance have been on the rise, which means that there is increased usage among investors. In a recent X post, CryptoQuant recorded that the exchange reserve increased from 568,768 BTC as of 28 March to 590,874 BTC as of 9 April. It depicts a significant rise in Bitcoin inflows that could be attributed to market turmoil expected after the release of the Consumer Price Index (CPI).

Bitcoin Deposits and Inflation

The increase in BTC deposits has been observed during a period of inflation and tariffs. Indeed, as investors prepare for the release of the March Consumer Price Index, they seem to be transferring their money to Binance. These moves occurring well before the storm suggest that the traders are strategically setting up for positions in expectation of a change in the economic status. This is further compounded by the effects of tariffs, especially the effect on inflation rates that are a cause for concern.

Daan Crypto Trades highlighted that today’s CPI figure will be closely monitored by the market. Due to the recent tariffs, people are concerned about inflation, and therefore they are expecting a low CPI figure. The lower the CPI, then the measures it can calm the market’s inflation and keep the markets cool. Since traders always expect uncertainties in the economy, they are actively waiting for the CPI release, and this has led to the current rush of BTC deposits.

Bitcoin as Inflation Hedge

Bitcoin may have been deemed as an inflation hedge and therefore could attract investors now that they are seeking ways to overcome inflation. This means that as the future of the economy looks uncertain, more money will be injected into Bitcoin and other cryptocurrencies. The increase of its Bitcoin holdings in recent days substantiates this trend. It has been realized that investors today are moving their money into cryptocurrencies as a haven during turbulent market conditions.

Despite this, the changes may not be seen as resulting from recent developments such as the liberation day that occurred on the 2nd of April. Market participants expect a small CPI to be an indication of lower inflation and more stability in both conventional and crypto currencies.

Therefore, a rise in Bitcoin balance on Binance accounts is a signal that the market is becoming more cautious. There are inflation concerns now as well as the CPI report in the near future, which makes many traders eager to store their funds in Bitcoin. The CPI data that is due for release today may therefore act as a guide for the rest of the market.

Bitcoin (BTC) Rebounds to $98K as CPI Report Triggers 15-Month Social Buzz

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  1. U.S. inflation exceeded expectations, triggering volatility in crypto markets.
  2. Bitcoin dipped to $94.2K before rebounding sharply to $98.1K.
  3. Social buzz on “CPI” hit a 15-month high, highlighting market sensitivity.
  4. Traders brace for prolonged Federal Reserve rate hikes amid high inflation.

The latest U.S. Consumer Price Index (CPI) report unveiled an inflation rate of 3.0%, surpassing the forecast of 2.9%. Core CPI climbed to 3.3%, sparking swift reactions across financial markets. Bitcoin, leading the crypto charge, initially dropped by 2.1% to $94,250 before rebounding to $98,100—a volatile move that underscores the market’s unpredictability.

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Source: Santiment

According to Santiment report, this price action hints at insider activity, with whispers of the inflation news possibly leaking ahead of the official release. Retail traders, however, showed concern, driving recovery momentum as speculation swirled about the implications of sustained inflation.

Social Media Buzz Amplifies Market Uncertainty

The inflation report’s impact didn’t end there in terms of price action—it also created a wave of social media discussions. The use of CPI and inflation was trending on platforms like X, Reddit, and Telegram, hitting their 15-month high of discussions.

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Source: Santiment

This spike in social sentiment is a reflection of every move in inflation news to which traders become more sensitive. There appears to be a growing fear, uncertainty, and doubt (FUD) when recollections of 2022’s Federal Reserve rate hikes-correlated correction in cryptocurrency begin to resurface again.

Federal Reserve’s Decisions Weigh on Sentiment

The Federal Reserve’s move to suspend rate reductions in November of next year added to the worry. Following a string of reductions during 2023 and in early 2024, the stop has created uncertainty in markets regarding the next move of the central bank.

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Source: Santiment

With inflation already higher than forecast, prospects of more cuts seem distant, dampening mood in financial and cryptocurrency markets. Prolonged high interest rates would continue to squeeze retail investors, even to a sell-off in case of heightened pessimism.

Bitcoin Whales and Sharks Eye Opportunity Amid FUD

Amid the volatility, a possible bullish narrative can arise. Statistics point to a decrease in overall holders of Bitcoins, a warning that is typically a precursor to accumulation by large investors such as whales and sharks.

As panic-selling by retail investors is triggered, this would provide a perfect setup for strategic accumulation, paving the way for yet another massive price surge. The crypto market’s resilience is underscored by its history of recovering from sell-offs caused by FUD.

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Source: Santiment

As uncertainty hangs over Federal Reserve policy and inflation, there is always potential for strategic investors to take advantage of short-term volatility. However, Bitcoin’s price resurgence in recent times and increasing social buzz attest to the dynamic nature of the market’s reaction to macro news.

Related Reading: Crypto Bookmakers That Accept Anonymous Players

Altcoin Bottom Forecast By Analyst Amid Major Economic Indicators: Report

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A popular crypto analyst Michael van de Poppe has recently given his take on the altcoins suggesting that a bottom may be forming. This forecast comes at a time when the market is preparing for a crucial day in the a much important macroeconomic indicators, starting with the Consumer Price Index (CPI), the Federal Open Market Committee (FOMC), and today’s Federal Reserve interest rate decision.

These functions are highlighted by Van de Poppe as crucial for changing the market situation of altcoin. In the past, expectations of such events have a negative impact on cryptos, especially on alts and especially when it has to do with the leader in crypto – Bitcoin. Also, recently, corrections after Roaring Kitty’s event and the GameStop dip last week are not suitable for price action.

However, the analyst highlights a recurring pattern from previous FOMC meetings: it revealed that market bottoms often occurred in mid of the week presented a great rebound in the subsequent days of the week. Most important to note, touching on the previous FOMC meetings, both Bitcoin and altcoin jumped more than 10% and 20%, respectively, after they both pulled back.

CPI Data Release Poised To Impact Altcoin Market

The CPI data, scheduled for release at 14:30 CET or the core Consumer Price Index, the FOMC uses it in the determination of inflation and requisite interest rate adjustments. In the recent past, inflation rates have been above the projected average, with April CPI inflation at 3.5%. , This is despite the fact that only 3.4 % is expected to increase by that percentage, as identified earlier. This is a persistent inflation that is contrary to the statements made by Federal Reserve Chairman Jerome Powell regarding sticky inflation.

Some of these are the annual expected increases, among which the CPI Y/Y is expected to reach the value of 3.4%, and CPI month-on-month (MoM) at 0.1%, Core CPI Y/Y is 3.5% while Core CPI Y/Y has been established at 1.3%. In case the actual numbers are in line or below these expectations a favorable market reaction is expected.

FOMC Decision And Powell’s Speech

The day’s second major event is the FOMC’s interest rate decision at 20:09:00 PM GMT, it is cut by ISDA, then Powell speech at 8:30 PM CET. The recent rate cut taken by the European Central Bank and which is its first since 2019 hints slowly at the possibility of the U.S. doing the same, depending on today’s data on the CPI. An inflation rate higher than the estimated one could contribute to a higher dollar and yields, lowering the prospects of rate cuts in the near future as well as hurt risky assets such as crypto.

Cryptocurrencies’ price movements in the altcoin and crypto markets witnessed recent fluctuations based on negative correlation between FOMC meetings and CPI data that could soon pivot. The analyst foresee a potential upward repricing this afternoon, based on carried out assumption, if FOMC speaks dovishly, Bitcoin should be at new highs soon.

The analyst frowns at the use of trades at this volatile period and recommends the observing the reactions of gold, dollar and treasury yields to today’s data. According to Van de Poppe, the dollar and yields will continue to go down, paving way for higher altcoin and crypto markets. To their advantage, this may lead to the approval of Ethereum’s ETF boosting the price to all-time high before the summer.

Ethereum Reaches Key Level: Analyst Predicts Relief Ahead Of CPI/FOMC

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In a recent post on X, highly regarded cryptocurrency expert Daan Crypto shared his insights on the current position of Ethereum (ETH). The analyst noted that ETH has gotten to an interesting spot in its trading protocols by cleaning out the range low and prodding the 4H 200MA.

Daan Crypto’s view shows that this is rather an opportunity for relief or consolidation for Ethereum, particularly with that massive economic events are anticipated to occur. His suggestions suggest that traders may be waiting for some consolidation or minor range-bound movement in ETH, as a trading range forms in the run up to the CPI and FOMC meetings.

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Key Economic Events Impacting Ethereum

The CPI and FOMC meetings are some of the social events that can significantly influence the markets, such as cryptocurrencies. The CPI serves as an inflation indicator; the FOMC meeting relates to interests rates and monetary policies concerning a country’s economy. Both events remain eagerly awaited by investors since they may affect both market moods and trading approaches.

Daan Crypto’s notes shed light on an important technical analysis of Ethereum. The chart below by the analyst indicates a support line labeled ‘4H 200MA,’ which is a 200-period moving average on the 4-hour chart. This is an important sign of support that, when breached, may result in a reversal or a consolidation period. 

Ethereum’s price may experience a continual range bound or slightly upward movement. This period could provide traders with some protection and time to gear up or forex strategies that might be catalyzed by movement after CPI and FOMC.

The analyst has demonstrated the technical aspects that lead to the changes in Ethereum price and other market forces at play. Some thrilling upcoming events are the economic events, which would shape traders’ and investors’ views on how Ethereum would perform based on the results of these events and may influence their decisions.

Daan Crypto‘s analysis provides an inside to one of the most significant stages in Ethereum. As the markets look forward to key economic releases, he paints an impression that Ethereum could be due for some short-term conservatism and provide traders with a moment where they could ‘collect their breath’ before entering into the effects of the CPI & FOMC.

Bitcoin: Buy the Dip or Bear Market? Tug of War Intensifies

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The crypto market has undergone a substantial retracement, with Bitcoin’s price witnessing a nearly 10% decline since its peak on December 8th. This downturn has sent shockwaves across the crypto space, affecting lower-cap altcoins even more significantly. Bitcoin, the leading cryptocurrency, recorded a notable drop, prompting a reassessment of the recent bullish sentiment.

Bitcoin
Bitcoin: Buy the Dip or Bear Market? Tug of War Intensifies 8

The retracement is not limited to Bitcoin alone, as lower-cap altcoins are reporting particularly steep falls. Investors in these alternative cryptocurrencies are witnessing substantial losses, prompting some to reevaluate their positions in the market.

As the market grapples with the recent downturn, there is a notable split in sentiment. On one hand, advocates of the “buy the dip” strategy are encouraging investors to take advantage of the lower prices, seeing it as an opportunity for strategic entry or accumulation of assets.

On the other hand, a growing number of speculators are expressing concerns about the possibility of a looming bear market. The recent retracement has fueled discussions about the sustainability of the bullish trend that has dominated the crypto space in recent months.

Bitcoin: Inflation Indicators This Week

Industry experts and analysts are divided on the root causes of the retracement and its potential long-term effects. Some attribute the decline to profit-taking after the recent price surge, while others point to external factors such as regulatory developments and global economic uncertainties. Despite the market drop, some individuals continue to assert a bullish outlook on BTC. A trader remarked,

Bitcoin has been on a prolonged bull market cycle since 2019. The pattern of Bull market cycle is identified in BTC, and it is now in the stage of “Renewed Optimism”, the first stage of the Blow-off phase. The next stage is “FOMO” when it reaches over $100,000. In the “Euphoria” stage, BTC could reach over $400,000. We are still early We are still in the early stages.

The market is eagerly awaiting the release of the November Consumer Price Index [CPI] inflation data scheduled for December 12. Simultaneously, the Federal Open Market Committee [FOMC] is slated to convene on December 12 and 13. These two events hold significance for Bitcoin’s price. The CPI inflation data typically influences the FOMC’s decision on whether to adjust interest rates in its efforts to combat inflation. A dovish stance, viewed as positive for markets, including Bitcoin, contrasts with a hawkish one, which tends to have a negative impact.

Bitcoin’s Rollercoaster: Correction Dips to $36,400 Amidst CPI & SEC ETF Decision Hype

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Bitcoin, the leading cryptocurrency, experienced a correction in its price early on Tuesday, wiping out gains from the weekend and settling at the $36,400 level. The correction comes as BTC traders eagerly await the release of the US Consumer Price Index (CPI) data for October, recognizing the potential impact of macroeconomic factors on the cryptocurrency’s price trend.

Adding to the anticipation is the upcoming decision by the US Securities and Exchange Commission (SEC) on 12 spot Bitcoin Exchange-Traded Fund (ETF) applications. The SEC’s approval window for all BTC ETF applications opened on November 9 and extends until November 17, making it a crucial period for the cryptocurrency market.

Bitcoin Price Analysis & Predictions

As of now, Bitcoin is valued at $36,255.22, with a 24-hour trading volume reaching $18,932,390,360 USD, reflecting a 1.57% decline over the last 24 hours, according to CoinMarketcap.

BTC 1D graph coinmarketcap 2
Source: CoinMarketcap

In an X post, crypto analyst Titan of Crypto shared insights on Bitcoin’s current situation, posing the question: “Is Bitcoin Printing a Higher Low?” The analysis suggests that BTC is currently retesting the Tenkan level at $36.2k and seems to be forming a higher low. The continuation of an uptrend is contingent on Tenkan holding the price, with the possibility of a wick down to $35.4k while still closing the daily candle above Tenkan.

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Bitcoin's Rollercoaster: Correction Dips to $36,400 Amidst CPI & SEC ETF Decision Hype 13

Applying Dow theory, which defines an uptrend as a scenario where each successive rally closes higher than the previous rally high, and each successive rally low also closes higher than the previous rally low, BTC is still considered to be in an uptrend at present.

According to Captain Faibik, a crypto analyst, if BTC remains within the 34-38k range for the next two months and initiates the Halving Rally by mid-February, there is potential for it to reach $50k by late March.

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Bitcoin's Rollercoaster: Correction Dips to $36,400 Amidst CPI & SEC ETF Decision Hype 14

Coincodex’s current Bitcoin price prediction indicates a 30.05% increase, projecting a price of $47,462 by November 18, 2023. Technical indicators from Coincodex show a neutral sentiment, while the Fear & Greed Index registers at 69 (Greed). Over the last 30 days, Bitcoin recorded 19 out of 30 (63%) green days, exhibiting a 9.18% price volatility.

Looking ahead, technical indicators suggest that Bitcoin’s 200-day Simple Moving Average (SMA) is expected to rise to $30,655 by December 13, 2023, while the short-term 50-day SMA is estimated to reach $39,451 by the same date.

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Bitcoin's Rollercoaster: Correction Dips to $36,400 Amidst CPI & SEC ETF Decision Hype 15

However, it’s worth noting that the Relative Strength Index (RSI) value is currently at 73.95, indicating an overbought position in the BTC market. Analysts predict that Bitcoin’s price is poised for a decrease in the near future. Traders and investors will be closely monitoring these indicators as the cryptocurrency market navigates the ongoing volatility.

Note: The details on this page about markets and instruments are like a sneak peek – just info, not a nudge to buy or sell. Before diving into investments, dive into your own research pool.

Related Reading | Bitcoin’s Soaring Fortitude: Unprecedented Mining Difficulty & Hash Rate Surge 

CPI Data Sparks Anticipation In Crypto Market Amid Inflation Concerns

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In suspense-filled anticipation of today’s unveiling of the Consumer Price Index (CPI) data, the world of Bitcoin and cryptocurrencies is perched on its collective seat. As traditional markets and central banks maintain a watchful eye on inflation metrics, the potential repercussions for the digital asset realm loom.

The financial realm is bracing itself for the latest insights from the July CPI data, with prevailing expectations indicating a potential 0.2% surge in the headline and core indices compared to their June counterparts. Should this forecast materialize, the 12-month core CPI would readjust to 4.7%, exhibiting a slight dip from the previous 4.8% recorded in June. Meanwhile, the headline index’s (YoY) projection suggests a climb to 3.3%, marking an upward shift from the earlier figure of 3.0% and showcasing a potential alteration in inflation trends.

Analysts expect a notable revival of inflation in the upcoming months. The forecasts from the Cleveland Fed indicate a gradual increase in YoY headline CPI inflation. Commencing at 3.0% in June 2023, this value is predicted to climb to 3.4% in July and maintain its upward course, reaching 4.1% by August. The precision of the Cleveland Fed’s projections holds considerable significance for numerous investors.

Reinforcing the concept of a resurging US CPI, JP Morgan’s analysis predicts significant YoY CPI rates for July, August, and September. The bank’s projections indicate figures of 3.33%, 3.46%, and 3.32%, respectively, during these months.

Unveiling an intriguing viewpoint of Fundstrat, the comprehensive analysis brings forth an exciting angle. Anticipating a favorable market outcome, the data science team expects Core CPI to increase by +0.15% or more (MoM), notably below the consensus estimate of +0.22%. The report argues that the Cleveland Fed’s simpler model overlooks crucial disinflationary triggers.

CPI Anchored In Disinflationary Factors

The analysis underscores the significant contributions of used cars and housing to inflation. The report highlights the overlooked fact that used cars and housing play outsized roles in driving inflation. Falling used car prices and a cooling housing market have exerted disinflationary pressures, tempering the overall inflation rate.

If the CPI data aligns with Fundstrat’s predictions, it could trigger a more dovish stance from the Federal Reserve. This, in turn, might weaken the US dollar, potentially providing a boost to the fortunes of Bitcoin and other cryptocurrencies.

Market analysts are acutely aware of liquidity’s role in the market, particularly during significant data releases like the CPI figures. “Material Indicators,” a prominent analyst, highlights the potential for rapid price fluctuations in the crypto market, pointing out critical support and resistance levels at $29,000 and $30,000, respectively.

In the words of Thomas Lee, the impending release promises to be “revelatory.” Whether this revelation ultimately favors the Bitcoin and crypto bulls or tips, the balance toward the bears remains uncertain. Market indicators peg an 85% likelihood of no rate hike during the upcoming September meeting, as per the FedWatch tool. All eyes are on today’s CPI report to discern if it holds the potential to alter this scenario.

Related Reading:| What Happens Next for Bitcoin After CPI Rates Lower Than Expected?

Weekly Market Watch: Bitcoin & ETH Lose Momentum While Toncoin (TON) Sets As Weekly Gainer

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After the consumer price index disclosure, the past seven days have been promising for the cryptocurrency market, including the two leading coins, Bitcoin (BTC) and Ethereum (ETH), which rose toward their key marks with significant gains. However, the gains were short-lived, and by the end of the week, the market had reversed all of them.

The CPI gained merely 0.1% from the previous month, as opposed to the expected increase of 0.3%. Predicted price increases for November were lower than expected, signaling an easing of the spiraling inflation in the crypto-economy. 

Nevertheless, while all cryptocurrencies are currently experiencing a decline with major losses in both daily and weekly charts, Toncoin (TON) has grown significantly over the past week.

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Source: Tradingview.com

According to CoinMarketcap’s statistics, TON “The Open Network” coin is currently trading at $2.68, an increase of 5% in the last 24 hours and a significant gain of about 35% in the previous seven days.

The TON coin differs itself as a top weekly gainer. In contrast, popular coins are experiencing significant losses in weekly charts, including Litecoin, with a loss of 15%, and ApeCoin (APE), with a loss of 20%. 

Additionally, Filecoin (FIL) with a loss of 28.60%, Trust Wallet Token (TWT) in the lead with a loss of 36.85% in the weekly chart, and many others.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

As Tronweekly previously reported, the CPI report was released on November 13th – this fueled investor optimism about a potential economic recovery that would also increase cryptocurrency values again.

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Source: Tradingview.com

According to Coinmarketcap’s data, Bitcoin (BTC) marked a daily high at $18,318.53 on December 14th, which was last seen at the start of November. Similarly, on the same day, Ethereum (ETH) hit a daily high at $1,346.17, which was also last seen on November 10th. 

But unfortunately, Both of them lost their momentum as the week’s conclusion drew near and dropped to their spot levels with notable losses in both the daily and weekly charts. According to the statistics, on December 17th, ETH dropped to $1,165.41 and Bitcoin to $16,800.59.

ETHUSDT 2022 12 19 13 29 19
Source: Tradingview.com

Currently, Bitcoin is trading at $16,743.87, down around 2% over the previous seven days, and ETH is trading at $1,182.49, down 6% over the same period.

The market fell, and all of the profits were lost following the December 16th report by Treasury’s Financial Stability Oversight Committee, which noted that “FTX is a shock to that market,” and the bankruptcy emphasizes their’s concern about cryptocurrencies.

In light of this, the committee requested that Congress enact legislation enabling American authorities to oversee spot markets for crypto assets that aren’t securities.

Bitcoin & Ethereum Prices Rises After Us CPI Falls Short Of Expectations

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Bitcoin (BTC) and Ethereum (ETH), the leading currencies, are displaying signs of renewed optimism with significant price increases over the past 24 hours. 

The Bullish trend remains active despite the continuing crash in cryptocurrency markets as the world’s largest crypto exchange, Binance, gets a “Stress Test” and sees massive net withdrawals in a day.

However, the bullish momentum arose after the United States Consumer Price Index (CPI) report was released on November 13th, giving investors hope for an economic recovery that would boost stock prices and consequently support cryptocurrency values. 

Prices increased less than predicted in November, signaling the end of the rampant inflation that had gripped the economy. In contrast to the expectations of 0.3% and 7.3%, the consumer price index climbed by just 0.1% from the previous month and 7.1% from a year earlier.

CNBC
Source: CNBC

Whereas the forecasts of 0.3% and 6.1%, the core CPI increased by 0.2% in the month and 6% annually. In addition, stocks surged higher after the announcement as investors hunted for indications that rogue inflation is slowing. 

A gain of 103.60 points, or 0.3%, lifted the Dow Jones Industrial Average to 34,108.64. To 4,019.65, the S&P 500 increased by 0.73%. Up 1.01% to 11,256.81, the Nasdaq Composite. Not just the Stocks market, the global crypto market cap also increased by almost 3% to $870.53 billion.

Bitcoin (BTC) & Ethereum (ETH) Price Soars

According to the data from CoinMarketcap, the two largest cryptocurrencies on the market, Bitcoin and Ethereum, both experienced significant rises, 3.70%, and 4.52%, respectively, in the last 24 hours.

The data shows that Bitcoin(BTC) marked a daily high at $17,930.09 on December 13th, just close to $18,000, which was last seen at the start of November. However, it is currently trading at $17,803.14.

BTCUSD 2022 12 14 01 20 27
Source: Tradingview

The key resistance level for Bitcoin is projected to be $20,000 if the bulls keep pushing the price up. On the other side, if the bulls are unable to sustain this ride, it is anticipated to drop to a low of $16,000 once again.

The Coinmarketcap’s data also shows that the BTC market cap has increased by more than 3.60% over the past day, and its 24-hour trading volume has seen a considerable boost of approximately 35.01%.

BTC 24
Source: Coinmaerketcap

When comes to Ethereum, the token is currently trading at $1,322.73 with a weekly gain of about 7.62%. The token marks yesterday’s high at $1,341.44, which was also last seen on November 10th. 

ETHUSDT 2022 12 14 01 21 45
Source: Tradingview

Along with the market cap of ETH rising by 4.37%, the token’s 24-hour trading volume jumped by around 65.06%. Nevertheless, Ethereum is expected to meet its key barrier near $1,500; else, it will fall to $1,200.

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Source: Coinmarketcap

Additionally, a number of altcoins had their names listed in today’s list of daily gainers, with notable gains in the last 24 hours, including Polygon (MATIC) with almost 4%, Polkadot (DOT) with 4.33%, Litecoin (LTC) with 4.16% and many others.

Related Reading | Why Is Toncoin (TON) Spiking? Analysis Of The Seven-Day Chart