CNBC’s Finance Analyst Explains Emerging Factors That Ignited Bitcoin’s Meteoric Return To $55k

CNBC’s Finance Analyst Explains Emerging Factors That Ignited Bitcoin’s Meteoric Return To $55k
фото показано с : zycrypto.com

2021-10-13 16:36

Predictions that Bitcoin will bounce back to its all-time high level this October are slowly coming to fruition, as Bitcoin bulls smashed through $50,000 and successfully held resistance for five days, at $55,000. The upswing in price is the result of Bitcoin rallying more than 30% in the last 7 days and from the look of things, the market is poised to get even more bullish.

BTCUSD Chart by TradingView Experts credit debt ceiling saga and inflation fears as major drivers

In typical crypto-community fashion, a lot of market players are occupied with finding out the key factors behind the asset’s unprecedented rise. CNBC’s Brian Kelly being one of them, attaches the price rally to a few factors, saying “We’ve talked over the years, how Bitcoin has become more of this macro asset, so it’s starting to respond to stuff like the debt ceiling drama and higher inflation.”

Additionally, Kelly touches on the positive correlation between Bitcoin and oil, affirming that the positivity implied that institutions are increasingly running to Bitcoin as an inflation hedge.

“…And if you look at the correlation between Bitcoin and oil, that is now positive on a 30-day rolling basis, and is starting to get more positive so I think what people and institutions are starting to use it for is, as an inflation hedge.”

Bitcoin continues to gain momentum while Gold stalls

Brian Kelly’s sentiments are similar to that of JPMorgan. In its note to investors, JPMorgan asserted that institutional investors are making their way back to the Bitcoin market as a substitute for gold, in preparation for further inflation crisis.

Although for many other investors, Bitcoin is yet to prove its status as an inflation hedge, key figures like Dawn Fitzpatrick, the CFO of Soros Fund Management believe that Bitcoin is more than that, stating that he is confident the asset has already gone mainstream.

Meanwhile, gold continues to stall, underperforming for the most part of the year. Speaking to CNBC, Nadine Terman, founder, CEO, and CIO of investment firm Solstein Capital, explained the factors surrounding gold’s current market state.

According to the CEO, “when you’re in a reflationary environment,” when the growth of inflation and GDP is accelerating, Bitcoin is expected to do well, while gold is poised to go downwards. She added that until the growth of GDP rolls over, gold will not be in the best position to serve as an inflation hedge. 

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bitcoin through smashed bulls slowly coming fruition

Источник: zycrypto.com

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