@BOMBERuss 11 August 2022 more from that month

#Bitcoin has reached almost 25 thousand dollars. What led to the growth of the coin rate? The main #cryptocurrency has confidently overcome the level of 24 thousand dollars and today it has quite successfully consolidated above this line. The growth of Bitcoin occurred simultaneously with the rise in price of most coins, and the reason for the jump was the publication of new data on inflation in the United States. Note that earlier Bitcoin, along with the cryptocurrency market as a whole, has already shown illogical movements in response to what is happening in the world. In particular, at the end of July, it became known about US GDP data, the indicator of which decreased by 0.9 percent at the end of the second quarter of 2022. And since this is the second decline in the quarter, it corresponds to the definition of a recession. However, the coin market was not confused by such news, so it undertook to grow. As can be seen from the graph below, the #BTC rebound was quite strong on a local scale: Bitcoin rose in price by almost a thousand dollars in just a couple of hours. As we have already noted, the US consumer price index (CPI) was published yesterday, which reflects inflation in the country's economy. The indicator was fixed at the level of 8.5 percent compared to the previous year, which is 0.2 percent lower than the forecasted values. That is, many expected more inflation, but the news turned out to be more positive. this does not always happen. In particular, on July 13, data on the Consumer Price Index were published, which amounted to 9.1 percent in annual terms. The result was 0.3 percent higher than the predicted 8.8 percent, that is, the reality turned out to be more severe than expected. However, as we have already noted, even in such conditions, Bitcoin showed power and gave growth. The founder of Global Macro Investor, Raul Paul, noted that the growth of the markets may last at least a couple of weeks after the news about inflation. It should be noted that earlier experts have repeatedly stated that the reason for a new stage of cryptocurrency growth or even a new bull run in the coin market will be a change in the Fed's policy, which now regularly raises the key base rate. For example, in June and July 2022, the Fed representatives raised it by 75 basis points, which happened for the first time since 1994. well-known representatives of the #blockchain community under the pseudonym Bitlord said that CPI — that is, the consumer price index — actually stands for "Can #Pump Immediately". And the behavior of the market really confirmed this mysterious theory. The US Federal Reserve surveys are another metric published by the authority that displays the financial well—being of American households. If these results turn out to be worse than expected, the crypto and traditional markets may really rush down. Meanwhile, the crypt is still being accumulated by some categories of market participants. In particular, the analysts of the #Glassnode platform highlight several periods of accumulation on the global BTC chart, which can be seen in the screenshot below. At the same time, it is "#shrimp" investors whose capital is less than 1 BTC who are most actively buying coins at the moment. But the "#whales", that is, large players with thousands of bitcoins in their account, on the contrary, actively sell their BTC. This suggests that the current local Bitcoin #rally is provoked mainly by crypto holders with a low balance, #CryptoSlate reports. However, the most ambitious stages of growth in the coin #market are usually provided by novice investors who enter positions later than others. such a sharp increase in the value of digital assets in response to the publication of inflation data in general destroys the well-established ideas about the coin industry and its bearish trends. Yet now BTC is above its local bottom at the level of 17.6 thousand dollars by about 40 percent — and this is an incredible result in the conditions of downtrend and serious problems in the global economy and geopolitics. I want to believe that this is not an ordinary accident, but perhaps a fair assessment by the market of the digital asset industry and its future prospects.