With no end in sight, the war in Ukraine, inflation, and shifting monetary policy in the U.S. “In other words, the price of bitcoin depends more on the supply of gas to Germany as it does in any crypto-related news or metric.” “The market remains vulnerable and on edge, not necessarily by threats from more crypto projects going bust but from the difficult economic situation we are facing right now,” said Martin Hiesboeck, head of blockchain and crypto research at Uphold. dollar strength, not to mention the world is still reeling from the effects of Russia’s invasion of Ukraine. The end of the year is stacked with events that could shift the tides, including the midterm election, inflation reports, Federal Reserve meetings and a potential peak in U.S. While the correlation between stock and crypto prices has loosened in recent weeks, experts say crypto needs more time before it breaks away.Īnd although bitcoin is holding steady, it’s not out of the woods yet. Experts aren’t sure that’s the case, at least not yet. In light of poor stock performance versus relatively stable crypto performance, some are wondering if crypto is showing signs that it’ll stop following the stock market. In any case, bitcoin’s price remains low, but is holding steady while other assets tank the token’s price is down by more than 60% compared to the start of the year. dollars as other currencies buckle, or it could be that long-term crypto investors remain unfazed by recent wallops to the U.S. Despite those price declines, bitcoin has faired better than other assets in recent weeks, including stocks, gold, the European Euro, the Japanese Yen, the Chinese Yuan and the British pound.īitcoin’s recent resiliency, compared to other assets over the last month, could be because the token is becoming a great conduit for U.S. The token has mostly kept to the $19,000 price range.īitcoin’s shortcomings stem from a string of bad economic news over the last couple of months, which has been turning market sentiment to the downside, including the most recent inflation data. Over the last week, Bitcoin’s prices have remained low but steady, struggling to stay above $20,000 for more than a brief time. In light of these numbers, bitcoin took a nosedive below $19,000 and continues to fall, rapidly nearing the $18,000 price point. The data showed that inflation rose higher than expected, rising 0.4% over the last month and 8.2% over the least year.
What Is Currently Causing Bitcoin’s Price Movement?īitcoin’s price took a big drop Thursday morning following the release of inflation data for September.
It’s only reasonable for Bitcoin investors to be curious about how high it can ultimately go.
Bitcoin has shown as steady a rise in value over the years as any other cryptocurrency on the market. The volatility is nothing new, and is a big reason experts say new crypto investors should be extremely cautious when allocating part of their portfolio to cryptocurrency.
And a recent study by Deutsche Bank found that about a quarter of Bitcoin investors believe Bitcoin prices will be over $110,000 in five years. For more information, see How We Make Money.īitcoin had a rocky first half of the year, but experts still say it will eventually hit $100,000 - and that it’s more a matter of when, not if.ĭespite the volatility and recent slumping price, many experts still say Bitcoin is on its way to passing the $100,000 mark, though with varying opinions on exactly when that will happen. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
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