TRENDING:
Fed Minutes
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Cryptocurrencies Price Prediction: Bitcoin, XRP & US Inflation – American Wrap 12 July

Cryptocurrencies Price Prediction: Bitcoin, XRP & US Inflation – American Wrap 12 July
FXStreet TeamFXStreet TeamFXStreet

US Department of Justice moves 9,000 BTC seized from Silk Road

The United States Department of Justice (DoJ) seems to be taking measures to move the Bitcoin it holds with a view to potentially selling it off. This is evidenced by the sudden move in the BTC held by them, which raised concerns among investors on Wednesday.
Bitcoin transactions highlighting the move
Paul Barbadoro, the presiding Judge in the SEC vs LBRY case, took a completely different stance on the status of LBC token being or not a security than the one he had taken in the January ruling. Back then, it had been clarified that the judge’s order does not apply to secondary market sales of the LBC token. In the final ruling on July 11, Judge Barbadoro decided to exercise judicial restraint and refused to comment on the status of the LBC token as a security or non-security in secondary market transactions.
 
Inflation represented by the US CPI, came in below market expectations of 3.1% for June. With US CPI inflation rate falling within the projected range of 3% on a yearly basis, Bitcoin price spiked higher to hit the $31,000 mark.
Bitcoin/USD five-minute price chart on Coinbase
 

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

Ripple tumbles as sell-side pressure intensifies

Ripple tumbles as sell-side pressure intensifies

Ripple edges lower and trades at $1.45 on Wednesday, as headwinds intensify across the crypto market. Major crypto assets remain in bearish hands, with Bitcoin falling below $84,000 and Ethereum below $2,800.

Crypto Today: Bitcoin, Ethereum and XRP fall liquidating $550M

Crypto Today: Bitcoin, Ethereum and XRP fall liquidating $550M

Bitcoin’s correction follows a recent rejection due to supply around $87,200. Altcoins are generally in a correction trend, as Ethereum edges lower toward the next key support at $2,600 and Ripple extends its down leg near the $1.45 demand area.

Polygon extends decline as shutdown rumors fuel panic selling

Polygon extends decline as shutdown rumors fuel panic selling

Polygon is down nearly 5% on Wednesday, amid selling pressure linked to rumors of a network shutdown sparked by a social media post. Derivatives data shows a sell-side dominance as Open Interest declines 13% over the last 24 hours while funding rates flip negative.

Pi Network Price Forecast: Steady decline risks a lower leg below $0.080

Pi Network Price Forecast: Steady decline risks a lower leg below $0.080

Pi Network (PI) continues to extend a bearish phase over the last seven days, risking a breakout below the $0.0800 round figure. The social chatter surrounding the PI token is on the rise, likely driven by investors’ fear.

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.