Home
News
- The prices of BTC have been changing drastically, as it reached $65,000, by April.
- The BTC/USD exchange rate increased from $3,858 in March 2020 to just over $40,000 in June 2021, while the BTC/EUR exchange rate increased from €3,363 to about €32,000 at the same time frame.
- According to recent consumer price index figures in the United States, inflation reached 5% in May 2021, the highest level since 1992.
Waiting for the FED announcements, BTC investors are very eager to understand the stream of the company in the coming times. The announcement came as Bitcoin investors awaited new Federal Reserve economic estimates and China committed to unleashing metal reserves amid concerns about a commodity surge. The prices of BTC have been changing drastically, as it reached $65,000, by April.
However, this is insufficient to disrupt the flagship cryptocurrency’s long-term bull trend, particularly as global markets battle with falling national currencies and the threat of a commodity market meltdown. He tweeted that here’s little chance of the dollar depreciation against similarly weakening currencies which implies diversifying into store-of-value commodities like gold and Bitcoin is just a wise move, in our opinion.
According to Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, diversifying into store-of-value assets is a good way to hedge against bleak currency and commodity market outlooks.
The dollar is weaker against top foreign currencies as a result of a surplus cash injection into the US economy. As a result, the DXY declined over 11.22 percent from its mid-March 2020 high of 101.947 to 90.5 on June 16. McGlone’s bullish comparison was inspired by a recent influx of cash into the US and Eurozone economies. On May 3, 2021, the U.S. Money Supply M2, a measure of the money supply that includes cash and checking deposits (M1) as well as near money, increased to $20.256 trillion from $15.384 trillion on February 10, 2020. Bitcoin has soared in value versus the dollar and the euro, owing to promises that it will protect investors from rising inflation. The BTC/USD exchange rate increased from $3,858 in March 2020 to just over $40,000 in June 2021, while the BTC/EUR exchange rate increased from €3,363 to about €32,000 at the same time frame. Bitcoin has soared in value versus the dollar and the euro, owing to promises that it will protect investors from rising inflation. The BTC/USD exchange rate increased from $3,858 in March 2020 to just over $40,000 in June 2021, while the BTC/EUR exchange rate increased from €3,363 to about €32,000 at the same time frame.
Meanwhile, the Eurozone Money Supply M2, or the total amount of money in circulation in the European Union, increased from €5.6 trillion in February 2020 to more than €14 trillion in March 2021. Despite its oversupplied status, the Euro rallied against the US dollar, with Jordan Rochester, a Group-of-10 foreign exchange analyst at Nomura International, noting that the European government’s well-timed response to the coronavirus pandemic drew capital away from US markets and into the eurozone economy.
According to recent consumer price index figures in the United States, inflation reached 5% in May 2021, the highest level since 1992. The headline rate of price increase in Europe exceeded the European Central Bank’s (ECB) target of 2%. Meanwhile, ECB President Christina Legarde stated that the bank would continue to buy bonds because any tapering would jeopardize the eurozone’s recovery.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
