In the run -up to the announcement of the new American consumer price index (CPI), investors sent large quantities of Bitcoin to Binance. According to the Dutch analyst Maarten Regterschot, who managed to tell that the stock of Binance has risen by 22,106 BTC for the past 12 days, that is a result of the macro-economic uncertainty.
Macroeconomic uncertainty
That macroeconomic uncertainty is partly the result of the trade war of Donald Trump. As a result, the deterioration of economic data accelerated and people started to worry about a recession in the United States.
In fact, this caused fear of internship, the scenario in which the economy is shrinking and inflation rises. That is in fact the doom scenario for economists.
As a result, today’s CPI print is quite important for Bitcoin and other risk investments. If this is positive, it can be a bit of relief for the market, and there is more room for interest rates of the US Central Bank.
The market apparently does not have much certainty about this, because so a lot of Bitcoin are sent to Binance.
Crucial days for Bitcoin
“In the coming days, it will be crucial to understand how much hunger the market has to Crypto, after Donald Trump withdrew his leg a little with regard to his trade war,” said PAV Hundal of Swyftx.
Trump announced a 90 -day break yesterday for countries that did not give any response to his import duties. As a result, the stock markets and bitcoin shot up by almost 10%.
In the meantime, Bitcoin has already entered part of those increases, probably also because the market realizes that more is needed than a break. And that it is still to see how Trump will be in the competition in two weeks.
Then everything can just be different again, and that currently causes too much uncertainty. Too much to start a sustainable bullrun.
Source: https://newsbit.nl/bearish-beleggers-sturen-massaal-bitcoin-richting-binance/
