Blockchain tech firm Laguna Labs has launched a testnet for its in-development “flatcoin” — a spin-off of stablecoin tokens — pegged to the cost of living rather than a fiat currency or a commodity. In an Oct. 24 announcement, Laguna Labs said that the Nuon flatcoin is unlike tokens tied to fiat currencies, such as the U.S. dollar, as it is pegged to the cost of living via “daily unbiased, authentic, and on-chain inflation data.” The firm said the idea is inspired by discussions and Twitter threads from big players in the space, such as Coinbase CEO Brian Armstrong, ex-Coinbase …

The 10-year Treasury yield in the United States rose to its highest level since 2008. Although this type of rally is usually negative for risky assets, the U.S. stock markets recovered ground after the Wall Street Journal reported that some officials of the Federal Reserve were concerned about the pace of the rate hikes and the risks of over-tightening. While it is widely accepted that the U.S. will enter a recession, a debate rages on about how long it could last. On that, Tesla CEO Elon Musk recently said on Twitter that the recession could last “probably until spring of …

Bitcoin (BTC) dipped further below $19,000 on Oct. 21 as rumors circulated over the United States Federal Reserve. Fed still on track for major November rate hike Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly dropping before the Wall Street open, hitting lows of $18,660 on Bitstamp. A recovery took the pair higher, and it was attempting reclaim $19,000 as support at the time of writing. The action came as commentators claimed the Fed was softening its policy on rate hikes ahead of the Nov. 1-2 Federal Open Market Committee (FOMC) meeting. Citing mainstream media quotations from Fed …

Bitcoin (BTC) sagged with United States equities at the Oct. 19 Wall Street open as markets awaited tech earnings. Eurozone sees fresh all-time high inflation Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $19,000 after falling steadily overnight. Still trapped in a tight range, the pair offered few cues to traders seeking advantageous short-term plays, while some sources argued that overall, current levels represented solid buy levels. “With little calendar events till the next FOMC in early November, crypto continuing to lag behind equities, and skews near flat, protective downside structures are the cheapest levels they have been …

Bitcoin’s (BTC) future may “stand in stark contrast to the rest of the world,” asset manager Fidelity Investments predicts. In a recent research piece, “The Rising Dollar and Bitcoin,” released Oct. 10, Fidelity Digital Assets, the firm’s crypto subsidiary, drew a line between Bitcoin and other currencies. Report: Bitcoin "does not correspond to another person’s liability" While hardly a stranger to bullish takes on Bitcoin, Fidelity continues to publicly reiterate its faith in the largest cryptocurrency despite the near year-long bear market. In the report, analysts stated just how far Bitcoin as an asset has diverged from what is currently …

Bitcoin BTC starts a new week keeping everyone guessing as a tiny trading range stays in play. A non-volatile weekend continues a familiar status quo for BTC/USD, which remains just above $19,000. Despite calls for a rally and a run to lower macro lows next, the pair has yet to make a decision on trajectory — or even signal that a breakout or breakdown is imminent. After a brief spell of excitement seen on the back of last week’s United States economic data, Bitcoin is thus back at square one — literally, as price action is now exactly where it …

The United States consumer price index (CPI) increased 8.2% annually in September, beating economists’ expectations of an 8.1% rise. The CPI print lived up to its hype and caused a sharp, but short-term increase in volatile risk assets. The S&P 500 oscillated inside its widest trading range since 2020 and Bitcoin (BTC) also witnessed a large intraday range of more than $1,323 on Oct. 13. However, Bitcoin still could not shake out of the $18,125 to $20,500 range it has been stuck in for the past several days. Both the U.S. equities markets and Bitcoin tried to extend their recovery …

Bitcoin (BTC) delivered more surprises into Oct. 14 as the reaction to macro triggers saw a sudden run at $20,000. Stocks, crypto smoke shorts Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to one-week highs, gaining almost $2,000 in hours. After the United States Consumer Price Index (CPI) print for September came in above expectations, an initial crypto rout put bulls on edge, but the pain was short lived. Bitcoin ultimately ran higher than its pre-CPI levels, following stocks which were described as delivering the "biggest bear trap of 2022." "That’s gotta be the biggest bear trap I’ve …

Bitcoin (BTC) delivered classic volatility on Oct. 13 as United States economic data shook markets. Trader sticks by $21,000 target Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it presented some textbook moves to accompany the U.S. Consumer Price Index (CPI) print for September. Coming in at 0.1% above expectations year-on-year, the September figures immediately made themselves felt, with risk assets selling off and the dollar advancing in the face of ongoing inflation pressures. In line with previous CPI events, Bitcoin saw a fakeout to the upside, which vanished in minutes, leading to protracted downside which only bottomed …

Bitcoin (BTC) saw flash volatility into the Oct. 12 Wall Street open as United States economic data began to move markets. Analyst: PPI volatility a taste of things to come Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping abruptly below $19,000 as Producer Price Index numbers came in above expectations. A hint that inflation is not abating as quickly as the Federal Reserve might expect, PPI’s release an hour before the open saw local lows of $18,967. The losses disappeared as quickly as they came, however, and at the time of writing, Bitcoin had already recovered above $19,000. …

The United States nonfarm payrolls increased by 263,000 in September, marginally below the Dow Jones estimate of 275,000, but the unemployment rate dropped to 3.5% compared to the forecast of 3.7%. Some analysts believe the report shows that the jobs market remains strong in spite of the Federal Reserve’s efforts to slow down the economy and that could encourage the Fed to go ahead with another aggressive rate hike in its next meeting in November. This led to a sharp fall in the U.S. equities markets on Oct. 7. Although Bitcoin (BTC) has traded in close correlation with the U.S. …

Bitcoin and gold are no longer investors’ primary choices as inflation hedges amid the strengthening United States dollars. The current turmoil in financial markets added to the geopolitical tensions has run havoc on the majority of the assets that investors prefer to invest in during times of financial crisis. Bitcoin (BTC) has lost nearly 70% of its market cap since the market top last year while gold, which strengthened its position in the first quarter of the year despite the Russia-Ukraine crisis, is currently down by 10% year-to-date. The negative market condition has forced BTC to shed its correlation with …