Bitcoin traded under the psychologically important $40,000 level at press time on Thursday evening, with the global cryptocurrency market cap falling 4.35% to $1.75 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -6.1% | -5.6% | $39,300.01 |
| Ethereum (CRYPTO: ETH) | -4.3% | -5.2% | $2,596.16 |
| Dogecoin (CRYPTO: DOGE) | -3.8% | -8.1% | $0.12 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| ICON (ICX) | +41.5% | $0.93 |
| Waves (WAVES) | +30.53% | $28.71 |
| ThorChain (RUNE) | +11.1% | $4.91 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: On Thursday, the U.S. Labor Department released inflation numbers for February. Headline consumer price index or CPI rose 7.9% in the month, above an estimated 7.8%, the biggest increase since January 1982.
Risk assets moved lower after the inflation data. The S&P 500 and the Nasdaq closed 0.4% and 0.95% lower at 4,259.52 and 13,129.96, respectively.
Cryptocurrencies moved in line with stocks and headed downwards. However, some analysts are of the view that the apex coin may emerge as a hedge against inflation.
“Maybe the short-term price will drop due to panic, but long-term I think #Bitcoin is by far the best bet against inflation,” tweeted Michaël van de Poppe, a cryptocurrency trader.
Investment thesis with such a high inflation; would you want to be in equities, $USD, commodities or #Bitcoin?
Maybe short-term price will drop due to panic, but long-term I think #Bitcoin is by far the best bet against inflation.
— Michaël van de Poppe (@CryptoMichNL) March 10, 2022
The co-founders of on-chain analysis company Glassnode, Jan & Yann, tweeted that commodities look strong and there is a “rotation to value.”
A chart shared by them, depicting the top 10 assets by market cap, reveals a 15% decline in the year-to-date performance of Bitcoin, while gold shot up 14%.
The top 10 assets by market cap reveal strong…
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