Bitcoin
BTC$29 906.45

1.19%

Ethereum
ETH$2 006.73

1.31%

Tether
USDT$0.998861

0.02%

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0.01%

Binance Coin
BNB$316.79

1.33%

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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 59.2% 84 $29 906.45 1.19% -0.93% $569 615 124 749 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.2% 88 $2 006.73 1.31% -3.60% $242 575 430 000 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.998861 0.02% 0% $73 191 653 422 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000391 0.01% 0% $53 095 646 398 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 56% 88 $316.79 1.33% 4.98% $51 725 100 830 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 57.6% 89 $0.417070 0.10% -2.43% $20 162 437 867 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.999756 -0.07% -0.22% $18 513 212 786 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56% 91 $0.535071 0.10% -4.15% $18 052 780 745 ADA 7 days price change
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12 Avalanche (AVAX) AVAX Avalanche predictions 58.8% 90 $31.39 4.58% -10.83% $8 448 611 482 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.2% 84 $29 892.78 1.26% -0.99% $8 268 429 569 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 72.8% 53 $0.076139 2.55% 10.86% $7 366 589 571 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 96% 1 $1.000541 -0.05% 0.02% $6 532 230 569 DAI 7 days price change

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