Bitcoin
BTC$16 999.10

0.30%

Ethereum
ETH$1 258.79

-0.89%

Tether
USDT$1.000138

0.01%

Binance Coin
BNB$289.87

-0.40%

USD Coin
USDC$1.000102

0.01%

Binance USD
BUSD$1.000239

0.01%

Bitcoin Dips Below $32K as Fed Rate-Hike Bets Rise


15 Jul 2021

#Bitcoin

Bitcoin extended Tuesday’s decline even as gold, a traditional inflation hedge, remained resilient to increased bets that the U.S. Federal Reserve will tighten its monetary policy sooner than previously expected. The leading cryptocurrency was trading near $32,300 at press time, a 1.4% drop on the day. Prices hit a 2 1/2-week low of $31,669 early today, having run into offers above $33,000 on Tuesday, CoinDesk 20 data show.

The drop to the lowest level since June 26 comes a day after futures tied to the federal funds rate and eurodollars, which track short-term interest-rate expectations, raised bets on Tuesday that the Fed would increase interest rates between December 2022 and the first quarter of 2023. According to Reuters, the repricing happened after the U.S. Labor Department said the consumer price index increased 5.4% year-over-year in June, the fastest pace since 2008.Rate hikes, or possible tapering as signaled by Federal Reserve Bank of St. Louis President James Bullard, boost the attractiveness of holding fiat currencies, in this case the dollar, and dilute the appeal of perceived store-of-value assets such as bitcoin and gold.

However, while bitcoin is nursing losses, gold is trading 0.35% higher on the day at $1,814 an ounce. The discrepancy spurred Amber Group, a crypto services provider, to call for caution in reading too much into the rate-hike narrative for the time being. However, while bitcoin has come under pressure this week, it is still locked in the broad two-month range of $30,000 to $40,000. “It’s hard to read too much into the price action currently while we’re still stuck in this range,” Amber Group said.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.4% 45 $16 999.10 0.30% 2.81% $326 793 694 340 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $1 258.79 -0.89% 3.82% $154 042 450 353 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000138 0.01% 0.06% $65 505 283 273 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 72.8% 54 $289.87 -0.40% -7.09% $46 371 221 042 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000102 0.01% -0.01% $43 358 494 798 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 95.6% 1 $1.000239 0.01% 0.07% $22 157 473 654 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 78% 44 $0.388809 -1.23% -3.85% $19 541 690 215 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 63.2% 79 $0.103561 1.75% 1.87% $13 739 497 371 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 66.4% 68 $0.320391 -1.17% 1.19% $11 037 404 828 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 67.2% 69 $0.912162 -1.15% 6.57% $7 967 115 477 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 71.6% 56 $5.53 -0.48% 2.89% $6 315 400 348 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 90.8% 1 $1.000046 0.02% 0.06% $5 687 378 055 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66% 77 $76.27 -0.54% -0.95% $5 472 754 389 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 74% 50 $0.053237 -1.60% -0.26% $5 412 950 383 WTRX 7 days price change

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