On May 1, 2024 the price of Bitcoin closed at $58k, and currently the price of Bitcoin is above $66k. This price increase was driven by the high demand from investors to be able to accumulate more Bitcoin. This is one of the strategies of smart investors who have idle money by preparing to collect more BTC, when the US will release its latest inflation report scheduled around June 12, 2024.
In March 2024 the US Consumer Price Index (CPI) rose 0.4%, and this is a historically high increase and reached an increase of 3.5% over the year during 2023. The US inflation report in May made some investors feel worried because The Fed is unlikely to lower interest rates this year.
Rising inflation and devaluation of fiat currency (USD), have made some investors turn to Bitcoin as a hedge, because it has a fixed supply and decentralized nature.
The reaction of the crypto market shows a strategic movement when investors are looking for ways to protect their assets (fiat money) from a decline in currency values, resulting in Bitcoin volatility, especially ahead of inflation in the US, and smart investors will choose Bitcoin as a hedge.
In March 2024 the US Consumer Price Index (CPI) rose 0.4%, and this is a historically high increase and reached an increase of 3.5% over the year during 2023. The US inflation report in May made some investors feel worried because The Fed is unlikely to lower interest rates this year.
Rising inflation and devaluation of fiat currency (USD), have made some investors turn to Bitcoin as a hedge, because it has a fixed supply and decentralized nature.
The reaction of the crypto market shows a strategic movement when investors are looking for ways to protect their assets (fiat money) from a decline in currency values, resulting in Bitcoin volatility, especially ahead of inflation in the US, and smart investors will choose Bitcoin as a hedge.
