Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The major cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. fell below $30,000 following the latest inflation a general increase in prices and fall in the purchasing value of money. report in the United States.
Inflation in the U.S. continues to post increases as the cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. tries to recover from a steep drop this week.
The U.S. Department of Labor published a new report on Wednesday that reveals that inflation rates in the country remain high. The consumer price index (CPI), the most widely used indicator to track inflation, increased 8.3% in April compared to a year ago The report was released by the government agency’s Bureau of Labor Statistics.
While the figure was slightly lower than the March data when inflation reached 8.5%, the highest in four decades, remained above economists’ estimates. Among them, analysts at Dow Jones had estimated an increase of 8.1%, as highlighted by the CNBC . La inflación continúa manteniéndose cerca del nivel más alto desde 1982.
Increases in the indexes for housing, food, airline tickets and new vehicles contributed the most to the increase, the Bureau said. Although, from the positive side, the gasoline index fell 6.1% in the month, offsetting increases in the natural gas a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. and electricity indexes. It should be noted that the CPI measures a wide range of basic goods and services.
The metrics are an indicator of the imbalance between supply and demand for consumer commodities. The inflation rate had started to rise since the COVID-19 pandemic and the money injection policies implemented by the US Federal Reserve (FED). More recently, the conflict scenario between Russia and Ukraine, the two of the world’s largest exporters of oil, gas, grain and fertilizer, has made things worse for the U.S. economy.
Bitcoin reacted negatively, but now it is recovering
The cryptocurrency market reacted negatively to the report. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. fell almost 5%, below USD $30,000. shortly after the news broke. The rest of the major digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies also posted losses, and overall the market is in the red on Wednesday. Cryptocurrencies were already dragging losses after an earlier correction a correction is a pullback of an asset’s price of at least 10% to adjust for over-valuation. this week.
This is the second time in the last few days that Bitcoin (BTC) plummets below the $30,000 level, which represents a decline of more than 50% from its all-time high of USD $69,000 reached in November last year. The flagship digital asset appears torecuperarse ligeramente para el momento de edición, cotizándose alrededor de los USD $31.500.
The Fed has been responding to the accelerating inflation with two interest rate hikes so far in 2022. U.S. central bank officials have also anticipated more efforts under the promise to bring inflation down to its 2% target. However, the latest data suggests that the Fed’s most recent moves are doing little to curb domestic inflation.
On Wednesday of last week, the announcement of the second half-percentage point increase for inflation rates soared prices of cryptocurrencies. On that day, Bitcoin momentarily touched USD $40,000 after the Fed Chairman’s comments , Jerome Powell. The major digital assets also gained before resuming the general downtrend.
Overall, the digital currency currency is a medium of exchange that defines value. market has been highly volatile this 2022 amid high inflation, the Fed’s measures to curb inflation and the complex macroeconomic outlook in the face of the Russian war in Ukraine.
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Article by Hannah Estefania Perez / DiarioBitcoin
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