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The U.S. March unadjusted CPI year-over-year dropped to 2.4%, down from 2.8% last month and below the 2.6% market expectation. While this signals cooling inflation, the market reaction has been muted.
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JPMorgan Alerted to This Price for Bitcoin: It Has Always Served as a Support in the Past! - Koin Bulletin
Gold has seen significant demand from both central banks and private investors, reaching record levels in global investments.
According to analysts, currently approximately 9 trillion dollars of global financial assets, which means 3.5% of the total, is held in gold. Of this amount, 4 trillion dollars is held by central banks, while 5 trillion dollars is held by private investors.
Bitcoin (BTC) is trading at around 83,700 dollars, remaining above the production cost of around 62,000 dollars. Analysts indicate that this production cost has historically acted as a support level for Bitcoin prices. Additionally, the volatility-adjusted value of Bitcoin is around 71,000 dollars, which, when compared to 5 trillion dollars in private gold investments and considering the higher risk of Bitcoin, has been determined.
JPMorgan analyst Panigirtzoglou stated that Bitcoin's 62,000 dollar and 71,000 dollar levels could be considered support. Panigirtzoglou emphasized that the 62,000 dollar level, which is particularly the production cost, has served as a floor for Bitcoin prices in the past.
The acceptance of Bitcoin as "digital gold" is currently under pressure according to JPMorgan analysts. Analysts indicate that gold is seeing stronger demand, and that Bitcoin's volatility and correlation with stocks are questioning this perception. JPMorgan analysts emphasize that gold is experiencing increased demand as a hedge against inflation, long-term debt, and weakening fiat currencies. According to the analysts, gold surpassing $3,100 per ounce is a sign of the "intensification" of debasement trading.
Increasing interest in gold has surpassed Bitcoin
Debasman trading is defined as a strategy that involves the purchase of assets such as gold and Bitcoin as a hedge against inflation, weakening fiat currencies, and long-term debts. Analysts note that following the high performance of Bitcoin at the end of 2024, Bitcoin has depreciated by 2025 and its risk is not as low as that of gold. Additionally, while spot Bitcoin ETFs have experienced outflows in the last two months, investor interest in gold ETFs has continued.
Despite Bitcoin futures being in the negative zone since mid-January, gold futures have continued to remain stable. This situation indicates that demand for gold is largely coming from private investors and central banks, while the interest of speculative traders has decreased.