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Bitcoin stable at around 19,000. dollars due to inflation, profits are haunting traditional markets

Posted on by darion

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Price point

Bitcoin (BTC) started the week down 1% on the day, falling below the $20,000 level after spending the weekend trading in the $19,200 to $19,500 range.

Futures on American stock exchanges fell after Friday’s labor market report and the possible escalation of the Russian-Ukrainian war. European stock markets fall for the fourth day in a row. Investors in traditional markets are eagerly awaiting an important week of corporate earnings reports and the monthly Consumer Price Index report, scheduled for release on Thursday.

Ether (ETH), the second-largest cryptocurrency by market value, also fell slightly that day, around $1,300.

In altcoins, TRON (TRX) rose 3% on the day and Quant Network lost 4%.

In news, Huobi Global, one of the largest token trading facilities in Asian markets, said late Friday that it has agreed to be purchased by Hong Kong-based investment company About Capital Management’s M&A fund.

Crypto investment firm Blockwater Technologies has defaulted on a loan from TrueFi, a decentralized lending protocol, TrueFi said in a statement on Sunday. A South Korea-based cryptocurrency company failed to make payments on a $3.4 million loan to TrueFi, a decentralized lending protocol.

Meanwhile, privacy-focused cryptocurrency and payments company MobileCoin has launched a new stablecoin called “Electronic Dollars” (eUSD) in partnership with stablecoin platform Reserve. The company claims that eUSD is fully secured and specially designed to protect users’ private transaction data.

Early Monday, Bitcoin mining difficulty (the degree of difficulty associated with discovering new Bitcoin blocks through mining) increased significantly by 13.55% to 35.61 trillion, a record high and the largest increase since May 13, 2021, as recorded by WuBlockchain on Twitter.

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Chart of the day

Record tightening of liquidity

Author: Omkar Godbole

The total size of the G-4 central bank's balance sheet was reduced by $3 trillion over six months in a process known as quantitative tightening, or QT. (BofA global study, @ayeshatariq)The total size of the G-4 central bank's balance sheet was reduced by $3 trillion over six months in a process known as quantitative tightening, or QT. (BofA global study, @ayeshatariq)

The total size of the G-4 central bank’s balance sheet was reduced by $3 trillion over six months in a process known as quantitative tightening, or QT. (BofA global study, @ayeshatariq)

  • “If you believe that (quantitative easing) has been helpful on the way up, you have to believe that (quantitative tightening) will not be helpful on the way down,” Callum Thomas, head of research and founder of Topdown Charts, wrote in an email.