Crisis-driven rally? Bitcoin and Gold soar as inflation looms and political heat rises
Bitcoin Hits a New High Amid Market Jitters
This week, Bitcoin surged past $123,000, climbing more than $10,000 in just a few days and hitting a new all-time high, as reported by GuruFocus. It's already up 14% for July, driven by growing anxiety over the US economy and the government's ballooning fiscal deficit, according to the report. A $316 billion shortfall in May has rekindled fears over long-term sustainability, prompting many to seek safety outside of traditional markets, according to the GuruFocus report.
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According to trading expert Keith Alan, the price action fits a textbook "Cup and Handle" pattern, a signal of continued momentum, as per GuruFocus. But beyond technicals, it's deeper economic worries that seem to be driving the move, concerns over increased Treasury issuance, a wavering US dollar, and rising calls for Federal Reserve Chair Jerome Powell to step down, according to the report.
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Gold Joins Bitcoin in Safe-Haven Surge
Alongside Bitcoin, gold is also gaining ground as a safe-haven asset, with both markets reacting to a tense mix of political pressure, inflation jitters, and monetary uncertainty, as per GuruFocus.
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Bitcoin Recovers Quickly After Brief Dip on CPI Release
Inflation data released this week didn't ease any of those concerns, as the Consumer Price Index for June showed a 2.7% increase year over year, which is slightly higher than May's 2.4%, as per the AInvest report. Core inflation, which excludes food and energy, rose to 2.9%, according to the report.
The crypto market wobbled just before the inflation report came, with Bitcoin briefly dipping below $116,000, as per AInvest. But it quickly bounced back, climbing past $118,000 once the numbers were out, with traders still betting on a potential rate cut in September, but the next round of data, specifically the Producer Price Index, could either reinforce or upend those expectations, according to the AInvest report.
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Altcoins Join Bitcoin in Broad-Based Crypto Rally
While Bitcoin was not the only cryptocurrency moving higher, even Ethereum rose over 6% in the past 24 hours, XRP, Binance Coin (BNB), Solana, and Dogecoin also saw gains, as reported by AInvest. XRP increased 3%, BNB by 2.4%, and both Solana and Dogecoin gained 5%, according to the report.
FAQs
Why is Bitcoin suddenly rising so fast?
Because people are nervous about inflation, debt, and political turmoil—and Bitcoin is seen as a safe place to park money during uncertainty, as per the GuruFocus report.
Why is gold also going up?
Gold, like Bitcoin, is considered a hedge during times of inflation or market instability.
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