Bitcoin Returns to the $20,000 Mark after Falling
Bitcoin rises above $19,000 for the first time in six days, reaching the $20,000 mark, despite the instability in the crypto market.
It was expected on Wednesday that high inflation in the US in June would push the Federal Reserve to be more aggressive in tightening monetary conditions in order to slow the growth of consumer prices - and this, in turn, will put negative pressure on the prices of risky assets, from stocks to bitcoin. US stocks ended the session lower, so the growth of bitcoin caused some concerns among cryptanalysts.
"This is usually bad news for the economy and markets," Alexander Lores, director of blockchain market research at Quantum Economics, wrote in a newsletter. "Whether it's just another piece of bad economic data thrown into the pile, or it's already been priced in, investors are still about it."
In the digital asset markets, MATIC Polygon tokens grew by 11% after they were selected as one of six companies to join the Disney Accelerator program.
And cryptanalysts were looking at an obscure market metric known as the "stETH discount"-perhaps a sign that troubled crypto lender Celsius may be preparing to dump some or all of its holdings of ether tokens (stETH) worth $435 million.
https://coin-signal.com/cryptonews/bitcoin-returns-to-the-20000-mark-after-falling/
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