Hey Chain Debrief Community,
With inflation on the rise, the US CPI number has been a key source of market movement. Earlier this week, a fake CPI report was released, and it caused both Bitcoin and Ethereum to tumble. Bitcoin dropped as much as 5% and Ethereum took a hit and dipped about 10%.
It is funny how a piece of fake news moved the market. This shows the importance of regulating fake news and the extent, fake news can influence the market.
Anyway, the real CPI number was much higher than expected. It is the highest inflation rate in the last 40 years. I watched it live as the news sent Bitcoin from the 20k range down to the 18k range.
Brace yourself people, rate hikes are coming. Experts are speculating that the Fed will increase the rate by 100 basis points (1%). Hopefully, this will ease inflation gradually and not cause a global recession.
Other than the CPI number, another important element to take note of is the 140,000 Bitcoin held by Mt.Gox. I think that there is a very high chance that the Mt.Gox Bitcoin will flood the market and the selling pressure will break the current resistance level.
Every day I ask myself the same question. Are we at the bottom yet? Is this a good price to long? All I know is that the winter will be long and looking at the current sentiment, there are more downside opportunities than upside.
Many around me agree that winter will be long and it will last a few years. I guess the current crypto narrative is none other than work-to-earn.
–Gab from Chain Debrief
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