Bitcoin (BTC) fell $800 in minutes on July 13 as the latest United States Consumer Price Index (CPI) data came in far ahead of estimates. Dollar smashes new 20-year highs on hot CPI Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it dived under $19,000 minutes after the June CPI print, which put U.S. inflation at 9.1%. Expectations had favored 8.8% CPI year-on-year, this still being the highest reading since the start of the 1980s. With inflation all but guaranteeing further rate hikes from the Federal Reserve, the mood among risk assets — including crypto — swiftly turned …

Bitcoin (BTC) headed for $20,000 after the July 11 Wall Street open amid fresh warnings to “prepare for new lows.” $20,300 eyed as next support zone to hold Data from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to recover losses that had immediately followed the weekly close at $20,850. The pair had nonetheless locked in its best week’s gains since March, these nonetheless apt to unravel as market uncertainty lingered. For on-chain analytics resource Material Indicators, the level to watch was a trendline acting as support since June. “BTC fell back below the 21-ay Moving Average after the Sunday …

Bitcoin (BTC) is on track for its biggest weekly gains since March, but not everyone is convinced that good times will last. Crypto sentiment highest since early May Data from Cointelegraph Markets Pro and TradingView shows that at the time of writing, BTC/USD is up over $2,000 this week — nearly 12%. After spending several days trapped in a narrow range, the pair managed to exit to the upside, the gains accelerating overnight into July 8 to see highs of $22,401 on Bitstamp. #bitcoin nicely bounced back to 200WMA and Realized Price levels (both at ~$22K). Let's see if it …

Despite the Chinese government banning all kinds of cryptocurrency transactions last year, some firms apparently still use stablecoins like Tether (USDT) to pay their employees. Beijing’s Chaoyang District People’s Court has ruled that stablecoins like USDT cannot be used for salary payments, the local news agency Beijing Daily reported on Wednesday. The Chinese court stated that virtual currencies like USDT cannot circulate in the market as a currency, which requires all employers to only pay their workers using the official currency, renminbi (RMB). The ruling came as part of a court case involving a staff member at a local blockchain …

Bitcoin (BTC) approached the July 6 Wall Street open near $20,000 as a fresh battle between support and resistance loomed. Whale levels close by Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wedged in a tight trading range with liquidity creeping closer to spot on the day. After recovering 6% losses from the day before, order book data confirmed that support and resistance were now almost shoulder-to-shoulder. According to on-chain monitoring resource Whalemap, a cluster of whale positions between $20,546 and $21,327 meant that this large area was now the zone to beat. Buyer interest, meanwhile, stayed at around …

A note published by the United States Federal Reserve at a recently held conference found a majority of exports believe a U.S. dollar central bank digital currency (CBDC) would not drastically change the global currency ecosystem. Panelists at the conference also agreed that CBDC development outside of the U.S. doesn’t threaten the status of the dollar, but the development of cryptocurrencies could alter the role of the dollar globally, with some saying stablecoins could even boost the U.S. dollar's role as the global dominant reserve currency. The assessments came from expert panelists at a June 16 and 17 conference hosted …

Bitcoin (BTC) hit daily lows on the July 5 Wall Street open as the U.S. dollar saw a violent surge higher. USD sets yet another 20-year record Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retreating to $19,281 on Bitstamp as the Independence Day long weekend concluded with a bump. The pair had seen last-minute gains the day prior, these fizzling as the return of Wall Street trading was accompanied by USD strength laying waste to gains across risk assets and safe havens. Bitcoin traded down $1,000 on the day, while spot gold shed over 2% and U.S. equities …

The growth of Circle's native stablecoin USD Coin (USDC) in the last two months compared to its $66-billion rival giant Tether (USDT) is nothing short of spectacular. USDT, USDC market cap ratio hits the lowest on record Notably, USDC's market capitalization has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion. This is the closest USDC has come to challenging USDT's supremacy in the stablecoin sector based on the diminishing gap between their market caps. In …

Argentina, a country with one of the highest crypto adoption rates in the world, saw the price of United States dollar-pegged stablecoins surge across exchanges on Saturday after the abrupt resignation of its Economy Minister, Martin Guzman. The minister’s shock exit, confirmed on his Twitter account on Sunday via a seven-page letter, threatens to further destabilize a struggling economy battling high inflation and a depreciating national currency. According to data from Criptoya, the cost of buying Tether (USDT) using Argentinian pesos (ARS) is currently 271.4 ARS through the Binance exchange, which is around a 12% premium from before the resignation …

Bitcoin (BTC) has been moving in the opposite direction of the United States dollar since the beginning of 2022 — and now that inverse relationship is more extreme than ever. Bitcoin and the dollar go in opposite ways Notably, the weekly correlation coefficient between BTC and USD dropped to 0.77 below zero in the week ending July 3, its lowest in seventeen months. Meanwhile, Bitcoin’s correlation with the tech-heavy Nasdaq Composite reached 0.78 above zero in the same weekly session, data from TradingView shows. That is primarily because of these markets’ year-to-date performances amid the fears of recession, led by …

Magic Internet Money (MIM), a United States dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of MIM commenced roughly on Frid, 7:40 pm EST, which saw the token’s price drop to $0.926 in just three hours. Terra’s Luna Classic (LUNC) and TerraUSD Classic (UST) death spiral not only affected the investors but also had a negative impact on numerous crypto projects, including Abracadabra’s MIM token ecosystem — as alleged by Twitter handle @AutismCapital. Citing an insider scoop, AutismCapital claimed that Abracadabra accrued $12 million …

The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its United States dollar-based stablecoin Tether (USDT). Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount. The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of total USDT reserves are now the “United States Treasuries.” In its latest assurance opinion issued in May, Tether reported that commercial paper makes up less than 25% of USDT’s backing, …