Bitcoin traded below the psychologically important $40,000 level at press time late Thursday, with the global cryptocurrency market capitalization falling 4.35% to $1.75 trillion.
| Coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin (CRYPT: BTC) | -6.1% | -5.6% | $39,300.01 |
| Ethereal (CRYPT: ETH) | -4.3% | -5.2% | $2,596.16 |
| doecoin (CRYPT: DOGE) | -3.8% | -8.1% | $0.12 |
| cryptocurrency | 24 hour % change (+/-) | Price |
|---|---|---|
| ICON (ICX) | +41.5% | $0.93 |
| Waves (WAVES) | +30.53% | $28.71 |
| ThorChain (RUNE) | +11.1% | $4.91 |
See also: How to buy Bitcoin (BTC)
Because it is important: On Thursday, the US Department of Labor released inflation figures for February. General consumer price index or CPI rose 7.9% in the monthup from an estimated 7.8%, the biggest increase since January 1982.
Risk assets moved lower after the inflation data. The S&P 500 and Nasdaq closed 0.4% and 0.95% lower at 4,259.52 and 13,129.96, respectively.
Cryptocurrencies moved in line with stocks and headed lower. However, some analysts are of the opinion that the apex coin may emerge as a hedge against inflation.
โMaybe short term price will drop due to panic, but long term I think #Bitcoin is by far the best bet against inflation,โ he tweeted. Michael van de Poppea cryptocurrency trader.
Investment thesis with such high inflation; Would you like to be in actions, $USDgoods or #bitcoin?
Maybe the short-term price will go down due to panic, but I think in the long-term #bitcoin it is by far the best bet against inflation.
โ Michael van de Poppe (@CryptoMichNL) March 10, 2022
The co-founders of the on-chain analytics company Glassnode, Jan and Yannhe tweeted that commodities look strong and there is a "rotation to value".
A chart shared by them, showing the top 10 assets by market cap, reveals a 15% decline in Bitcoin's annual return, while gold soared 14%.
Top 10 Assets By Market Cap Reveal Strong Commodities And Rotation To Value
Will liquidity flow to riskier assets such as #bitcoin given a 96% probability of target rates of 25-50 bps? Discover it here https://t.co/6eOWyypDgk pic.twitter.com/OPTdhQwUbi
โ Negentropic (@Negentropic_) March 10, 2022
Meanwhile, Bitcoin's put/call ratio hit a six-month high of 0.69 in February amid bearish market sentiment, according to Delphi Digital.
On Thursday, the volume-adjusted put/call ratio hit a monthly low of 0.44 as call volumes increased. Debit traders were buying BTC calls from April 29 for $42,000, $50,000 and $60,000 strike, Delphi said, pushing the notional value up to $193 million on the exchange.
"This could indicate that traders are turning bullish, even in an uncertain macro environment."
BTC Options Open Interest vs. BTC Bid/Ask Ratio for Open Interest and Volume โ Courtesy of Glassnode
Ethereum has formed a stronger correlation with the S&P500 Index than Bitcoin over the last month. Gold has a โpoint to pointโ inverse correlation with the two largest cryptocurrencies by market cap, according to financial market data and content platform Santiment.
#ethereal stays surprisingly close to the price of the #SP500. In fact, their correlation has been much closer than #bitcoinown correlation with the #SP500 during the last month. As well, #gold has had a direct inverse correlation with both. https://t.co/3TJH7zwjcd pic.twitter.com/BPatTroxGW
- Santiment (@santimentfeed) March 10, 2022
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