Bitcoin
BTC$61 099.21

-0.30%

Ethereum
ETH$4 083.71

2.56%

Binance Coin
BNB$480.67

-0.49%

Cardano
ADA$2.15

0.02%

Tether
USDT$1.000558

0.07%

Solana
SOL$198.35

-4.94%

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 60.8% 76 $61 099.21 -0.30% 0.74% $1 151 847 643 802 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 57 $4 083.71 2.56% 4.82% $482 065 073 371 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 72.4% 60 $480.67 -0.49% 2.62% $80 176 884 535 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 90.8% 12 $2.15 0.02% -2.34% $70 880 156 335 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000558 0.07% 0.05% $69 612 945 849 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 71.6% 54 $198.35 -4.94% 24.11% $59 667 119 730 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 70.8% 52 $1.088126 -1.24% -5.66% $51 083 527 283 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 79 $43.69 -1.31% 2.76% $43 145 201 356 DOT 7 days price change
9 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000801 0.06% 0.09% $32 549 535 289 USDC 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70% 56 $0.246378 2.64% 3.03% $32 476 171 822 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 68.8% 65 $42.80 -0.97% 15.22% $17 186 220 177 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 48 $26.39 2.35% -4.01% $16 144 167 003 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 69.6% 65 $65.39 -2.19% 9.22% $14 404 285 656 AVAX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 76.4% 47 $30.80 7.06% 9.07% $14 200 072 797 LINK 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.2% 75 $61 145.48 -0.24% 0.77% $13 561 619 013 WBTC 7 days price change

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