U.S. Senator and Bitcoin proponent, Cynthia Lummis, would like to see U.S. residents turn to Bitcoin as part of a diversified strategy for their retirement plans. Speaking during the CNBC Financial Advisor Summit on June 29, Senator Lummis stated she would like to see Bitcoin and other crypto-assets become a normal part of diversified asset allocations used for retirement funds in order to protect the from inflation. “I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act,” she added. …

Bitcoin (BTC) and the U.S. dollar fell in tandem while the S&P 500 refreshed its record high at open on Friday as the Federal Reserve's preferred inflation indicator surged to its highest levels in almost three decades. According to data shared by the US Bureau of Economic Analysis, the US Core Personal Consumption Expenditure (PCI) rose 0.5% in May, coming in below the estimation of 0.6%. Nevertheless, the expenditure rose 3.4% year-over-year, the highest level since 1991. The Federal Reserve treats core PCI as its benchmark metric to gauge inflation. The U.S. central bank has indicated that it would tolerate …

The ghost of stock market crash is back again to haunt Bitcoin (BTC). It happened last in March 2020. Back then, the prospect of the fast-spreading coronavirus pandemic led to lockdowns across developed and emerging economies. In turn, global stocks crashed in tandem, and Bitcoin lost half of its value in just two days. Meanwhile, the U.S .dollar index, or DXY, which represents the greenback's strength against a basket of top foreign currencies, has now climbed by 8.78% to 102.992, its highest level since January 2017. The huge inverse correlation showed that investors dumped their stocks and Bitcoin holdings and …

Bitcoin (BTC) suffered as investors moved a record amount of cash in Federal Reserve's overnight facility after the central bank started paying interest on the money. The U.S. central bank received $756 billion via its reverse repurchase program from nearly 70 market participants on Thursday. The stash is about $172B higher than the one deposited last week and roughly $235B more than on Wednesday, wherein only 53 investors tapped the facility. A reverse repo facility takes in cash majorly from money-market funds and government-sponsored banks. Until Wednesday, the service offered eligible users a return interest of zero percent. But after …

Bitcoin (BTC) wobbled around $40,000 as investors waited for the United States Federal Reserve to release its new set of economic projections on Wednesday. The market's focus shifted to two important questions: Will United States central bank officials signal their intentions to raise interest rates in 2023 instead of 2024? And how much do they think inflation will rise in the remainder of 2021 and in the next year? Taper tantrum In March, the last Fed projection saw 11 Federal Open Market Committee (FOMC) officials agreeing to keep interest rates near zero at least until 2023. That suggested a tightening …

Bitcoin (BTC) gained more free publicity this week as inflation data showed that prices are rising faster than even experts had anticipated. The latest Consumer Price Index (CPI) report on June 10 from the United States Bureau of Labor Statistics (BLS) also revealed that hourly average earnings for United States workers are at their lowest this century. Inflation returns to 2008 levels One of Bitcoin's best friends is inflation. Its inherently deflationary nature allows its users to save for the future without worrying that inflation is eradicating the value of those savings. Since the COVID-19 pandemic began, central banks have …

Bitcoin (BTC) price reclaimed $36,000 heading into the New York session Wednesday as investors awaited fresh data on inflation in May and El Salvador approved a bill that made cryptocurrencies a legal tender in the country. Bull-market bottom? The benchmark cryptocurrency surged 9.86% to an intraday high of $36,696, wiping off a portion of the losses it incurred in the previous session. In retrospect, the BTC/USD exchange rate had fallen to almost $31,000 on Tuesday over fears that the pair has entered a 2018-like bearish phase after topping out near $65,000 in mid-April. #Bitcoin on the charts: Key levels to …

A new decentralized exchange coming to the Binance Smart Chain aims to solve the inflation problem many decentralized finance projects face. Inflation by itself isn’t DeFi’s problem—it is a necessary part of launching a new protocol’s token. In order to attract and reward participants, DeFi projects distribute tokens to yield farmers who stake their funds. That’s how projects attract the liquidity they need to grow. But as more liquidity providers join and the token supply begins growing faster and faster, so does the selling pressure exerted on that token. That can easily get out of hand, with “hyperinflation” driving off …

Francis Suarez, the crypto-friendly mayor of the city of Miami, may have further cemented his status as a cryptocurrency proponent. Appearing on the CNBC Squawk Box program, Suarez revealed that he owns both Bitcoin (BTC) and Ether (ETH). "I own #bitcoin and I own #ethereum," says @FrancisSuarez. "I haven't bought the dip yet but I'm planning to. I've just been too busy." pic.twitter.com/xdKpghIRR5 — Squawk Box (@SquawkCNBC) June 3, 2021 According to Suarez, he bought BTC and ETH immediately after the United States Senate passed the $1.9-trillion stimulus bill for further COVID-19 relief back in early March. For Suarez, the …

Former presidential candidate and congressman Ron Paul has renewed calls for Bitcoin to be legalized as money and not taxed. Paul is a staunch libertarian and author of the Bitcoiner favorite “End the Fed,” who has advocated for the legalization of Bitcoin and other cryptocurrencies in the past. The former congressman has also regularly taken aim against the Federal Reserve for its unchecked money printing since the pandemic began. Ahead of his appearance at the Miami Bitcoin conference on June 3, the 85 year-old spoke with streaming financial news provider Kitco News and noted that his goal is to “help …

Jeff Currie, the global head of commodities research at Goldman Sachs, has dismissed comparisons between Bitcoin (BTC) and gold as an inflation hedge, and described BTC as more akin to a “risk-on” asset like copper. Speaking on CNBC’s Squawk Box Europe on Tuesday, Currie noted that copper and Bitcoin both work as “risk-on assets” for hedging due to their volatility, while describing gold as a more stable “risk-off” hedge: "Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are a substitute for risk-on inflation hedges, not risk-off …

Mid-May’s price plunge was one of crypto’s wildest pullbacks in recent years, a tumble that eliminated nearly $1 trillion from crypto’s market value. The industry had soared to new heights a month earlier, with Bitcoin (BTC) reaching almost $64,000, driven in good part by institutional investors. Now that some calm has returned to the market, bears are asking: How did institutions behave during the recent collapse? Did they jump ship or hold firm with their investments? And what impact might the pullback have in future institutional participation in the cryptocurrency and blockchain industry? “Institutional investors mostly held firm,” Oanda senior …