Inflation, Not Strategy, Blamed for Bitcoin's Tumble, Says 10xResearch
The main driver behind bitcoin's weakness was ETF selling after red-hot April U.S. inflation data, 10x's Markus Thielen argued. The bounce may hinge on Wednesday's CPI data, he said.
Bitcoin's recent price decline has been attributed to rising inflation rates rather than specific strategies, according to analysis from 10xResearch. Markus Thielen, a prominent figure at 10x, pointed out that the selling pressure on bitcoin stemmed from the aftermath of the April U.S. inflation data, which sparked concerns among investors. Thielen suggested that the cryptocurrency's future performance could depend heavily on the upcoming CPI data set to be released on Wednesday.
Amidst growing market uncertainty, bitcoin has faced notable volatility in recent weeks, with many attributing its fluctuations to external economic factors rather than internal market dynamics. The narrative surrounding bitcoin's price movement continues to evolve, with experts like Thielen emphasizing the importance of monitoring inflation rates as a key determinant of the cryptocurrency's trajectory.