Market Summary: US Inflation Rate Hits Highest In 39 Years But Does Not Support Bitcoin

After major U.S. reports showed the Consumer Price Index (CPI) peaked in 39 years in November, Bitcoin's value fell daily on Friday.

Now, market volatility is as if Bitcoin has entered a downtrend for the fourth week in a row, and the bright forecast now appears to be reaching $ 100,000 before year-end or reverting to an all-time high of around $ 69,000. last month. Lots of little things.

Crypto traders were waiting for the release of the US CPI last Friday as many traders believed Bitcoin could effectively resist the upside. The CPI report showed that the index for all jobs rose 6.8% in the 12 months to November, the highest since May 1982, when the index was 6.9% . The rate of increase is in line with the median estimate of traders in a Reuters study and was above the 6.2% increase in October.

Bitcoin topped $ 50,000 after the 8:30 a.m. ET announcement, but fell back soon after. In this regard, analysts have come to a logical conclusion. The price hike could give the Fed enough leverage to decide whether or not to suspend financial support at next week's summit, the last meeting of the U.S. Central Bank's Commission. See Budget in 2021. Make an appointment .

“If financial markets tighten, the Fed could tighten the cycle,” said Oanda, chief market analyst for the forex brokerage firm. "The first thing to sell is the top performing assets and cryptocurrencies of many traders." Edward Moya told Lyllah Ledesma of CoinDesk.

But since then Bitcoin has risen again with normal trading, with traders seeing increasing debt volatility, as some traders have warned.

current value

With Bitcoin falling for four consecutive weeks, analysts in the cryptocurrency market have started to reverse their forecasts of a similar strong recovery at the end of 2020.

"Due to the speculative move, we will not see any companies creating more capital in the last weeks of December," Coinbase Institutional Research analysts wrote in the weekly report on Friday. "So from our perspective the cryptocurrency could be within the December limits."

"Constitutional" tube luam

More than $ 9 million was laundered on Friday by investors who recently bet on ConstitutionDAO's famous PEOPLE token, according to data from Coinlass testing devices.

This setback comes after a total decline in the cryptocurrency industry. As of Friday morning, major coins such as SOL, TERRA and UNI were down 9%.

In November, approximately 17,000 ConstitutionDAO members raised $ 40 million to purchase copies of the US Constitution.

The group lost to Ken Griffin, founder of the Citadel hedge fund, which bought the art for $ 43 million. The participants in the DAO law then reimbursed their donations in the form of PEOPLE.

IS NOT maintained and does not give any policy to its holders. However, that doesn't stop traders from pushing the token to a market value of $ 839 million, according to data from CoinMarketCap. Shaurya Malwa of CoinDesk reports that the market is currently in decline.

Presentation of Altcoins

Solana's congestion causes network security problems. The Solana blockchain was delayed Thursday morning due to network congestion. CoinDesk's Danny Nelson reports that the economic downturn has led to controversy over the integration, communication and visibility of its stakeholder ecosystem, Solana Labs.

Polkadot, Solana and Terra refuse to follow the whole trade. In a larger crypto market, the base tokens of level 1 blockchains Polkadot, Solana and Terra all fell the most on Friday morning, according to Shaurya Malwa of CoinDesk. . eh. One of the reasons for the decline in Solana's value is the crash of the Solana network. At the same time, the tenets of the Polkadot and Terra large cap altcoins remain strong, and Terra is a historical symbol of the Luna network.

Virtue Gaming, Powered by ConsenSys, Launches 'P2E Poker': According to a report by CoinDesk's Eli Tan, Virtue Gaming's Virtue Poker is the only blockchain-based poker game licensed by the Malta Gaming Authority. The campaign hopes to bring the online gambling community, which had been dormant since the “Illegal Internet Gambling Act” in 2006, back to the same network. This model, which encourages amateurs to join the platform, aims to attract amateurs, who have historically paid the most for the platforms along with many non-professionals. .