Bitcoin
BTC$68 608.23

-0.84%

Ethereum
ETH$2 448.10

-1.53%

Tether
USDT$0.999662

-0.01%

Binance Coin
BNB$555.93

-2.00%

Solana
SOL$161.56

-2.35%

USD Coin
USDC$1.000302

0.03%

Bitcoin Jumps Most in 2 Weeks to $36K


10 Jun 2021

#Bitcoin

Bitcoin’s price jumped Wednesday by the most in two weeks amid mounting inflation concerns and hopes for mass adoption after El Salvador’s parliament approved the cryptocurrency as legal tender. The cryptocurrency was changing hands near $36,500 at press time, having picked up from a bid near $31,000 late Tuesday. The price was up 9% since 0:00 coordinated universal time, the biggest gain since May 24.

Data released by China early today showed the producer price index (PPI), also known as factory-gate inflation, rose 9% last month, the biggest year-over-year increase since September 2008. China’s PPI typically adds to inflationary pressures worldwide because the country is a major buyer and supplier globally.

“Rising costs everywhere, in particular in China, will be adding to global inflationary pressures,” Dariusz Kowalczyk, an economist at Crédit Agricole, told the Financial Times. “I think we are going to live with higher inflation globally, and what’s happening in China will contribute to that.” That’s bullish for bitcoin, which is widely considered an inflation hedge because the pace of expansion of its supply is reduced by half every four years.

Bitcoin is up about 12% over the past 24-hours, showing near-term resilience. “The market is bottoming on bad news,” wrote David Grider, strategist at FundStrat, in a newsletter published today. China’s Qinghai province has ordered all crypto miners to shut down based on government concerns about high energy usage. And the crackdown on money laundering intensified as Chinese authorities arrested over 1,000 people who allegedly used cryptocurrency to evade the law.


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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 79.2% 37 $68 608.23 -0.84% 1.21% $1 356 887 447 259 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 89.2% 19 $2 448.10 -1.53% -1.99% $294 782 281 097 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999662 -0.01% 0.10% $120 535 994 188 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 3 $555.93 -2.00% -5.45% $80 109 056 681 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 68% 62 $161.56 -2.35% -8.19% $76 063 490 496 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000302 0.03% 0.04% $34 905 663 417 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 93.2% 6 $0.502965 -1.45% -2.39% $28 602 928 230 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 74 $0.149623 -5.27% 5.31% $21 941 273 326 DOGE 7 days price change
9 TRON (TRX) TRX TRON predictions 93.6% 3 $0.165213 -0.11% 0.93% $14 282 926 429 TRX 7 days price change
10 Toncoin (TON) TON Toncoin predictions 88.4% 14 $4.82 -1.08% -3.01% $12 265 270 064 TON 7 days price change
11 Cardano (ADA) ADA Cardano predictions 89.2% 9 $0.332460 -3.90% -2.17% $11 634 443 599 ADA 7 days price change
12 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
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 91.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 90.8% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 83.2% 30 $0.000017 -3.46% -2.07% $9 876 043 432 SHIB 7 days price change

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