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.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 59.2% | 84 | $29 906.45 | 1.19% | -0.93% | $569 615 124 749 | ||
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2 | ![]() |
Ethereum predictions | 59.2% | 88 | $2 006.73 | 1.31% | -3.60% | $242 575 430 000 | ||
3 | ![]() |
Tether predictions | 94% | 1 | $0.998861 | 0.02% | 0% | $73 191 653 422 | ||
4 | ![]() |
USD Coin predictions | 95.2% | 1 | $1.000391 | 0.01% | 0% | $53 095 646 398 | ||
5 | ![]() |
Binance Coin predictions | 56% | 88 | $316.79 | 1.33% | 4.98% | $51 725 100 830 | ||
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XRP predictions | 57.6% | 89 | $0.417070 | 0.10% | -2.43% | $20 162 437 867 | ||
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Binance USD predictions | 94.8% | 1 | $0.999756 | -0.07% | -0.22% | $18 513 212 786 | ||
8 | ![]() |
Cardano predictions | 56% | 91 | $0.535071 | 0.10% | -4.15% | $18 052 780 745 | ||
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Solana predictions | 60.8% | 88 | $51.57 | 2.05% | -5.27% | $17 496 824 554 | ||
10 | ![]() |
Dogecoin predictions | 58% | 92 | $0.085116 | 0.07% | -5.10% | $11 292 451 422 | ||
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Polkadot predictions | 58.4% | 87 | $10.08 | 0.86% | -9.13% | $9 955 703 739 | ||
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Avalanche predictions | 58.8% | 90 | $31.39 | 4.58% | -10.83% | $8 448 611 482 | ||
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Wrapped Bitcoin predictions | 63.2% | 84 | $29 892.78 | 1.26% | -0.99% | $8 268 429 569 | ||
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TRON predictions | 72.8% | 53 | $0.076139 | 2.55% | 10.86% | $7 366 589 571 | ||
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Dai predictions | 96% | 1 | $1.000541 | -0.05% | 0.02% | $6 532 230 569 |
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