BITCOIN- Awaiting CPI Inflation Data

Bitcoin suffered huge losses (again) this morning : Bitcoin drops below $40,000, almost wiping out gains from Biden’s crypto executive order

Bitcoin was down more than 7% at $39,077.79 at 6:55 a.m. ET on Thursday, according to data from CoinDesk.

On Wednesday, bitcoin surged as high as $42,577 after starting the day trading at around $38,744.

Other cryptocurrencies such as ether and XRP were also trading lower.

Wednesday’s spike came as optimism around Biden’s executive order on cryptocurrencies mounted. The order focuses on six key areas: consumer protection, financial stability, illicit activity, U.S. competitiveness in the industry, financial inclusion and responsible innovation.

Some high-profile cryptocurrency industry players praised the U.S. government’s move. Cameron Winklevoss, co-founder of the Gemini cryptocurrency exchange, called it a “watershed moment.”


February CPI preview: Consumer prices likely set fresh 40-year highhttps://finance.yahoo.com/news/consumer-price-index-cpi-inflation-february-2022-203614415.html

INFLATION REPORT INCOMING?

We are BULLISH on Bitcoin (at the same time short on DAX and long on Crude Oil)

One Love,

the FXPROFESSOR