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February 11, 2022

Inflation numbers at 7.5%, Bitcoin sells off but bounces back

Inflation numbers were released this week and have continued to rise, coming in at 7.5%, higher than expectations. Bitcoin sold off right after the news came out but has since bounced back and is holding above $45K. Traders saw the short-term downswing as a bear-trap with general upward momentum.

Some notable news on Bitcoin over the past week:

  • The US is one of the largest holders of Bitcoin after seizing $4B linked to the Bitfinex hack from a few years ago

  • Russia is expected to regulate cryptocurrency and draft legislation by February 18th. The country is hoping to drive others to join suit and support the new and growing asset class. For now, all we know is that Russia sees crypto as a currency and could a be positive for the sector if other countries follow

  • JP Morgan increases their price target for Bitcoin to $150K

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