Crypto Daybook Americas: A Unique Take on Bitcoin Amid Inflation Pressures
Your day-ahead look for Feb. 14, 2025
What to know: You are now viewing Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what’s expected during the coming day. This daily update aims to replace the First Mover Americas newsletter, sending insights directly to your inbox each morning.
Bitcoin (BTC) has risen above $97,000, defying expectations associated with the latest U.S. inflation data reports. Rising prices typically call for a lull in riskier investments like cryptocurrencies, yet Bitcoin persists in gaining strength.
“Bitcoin could likely get some relief in the short-term judging by the high-frequency U.S. inflation indicator from truflation which suggests a significant decline in headline inflation over the coming months,” - Andre Dragosch, Head of European Research at Bitwise.
“The truflation U.S. Inflation Index currently shows 2.06%, indicating a potential decline.”
Dragosch pointed out the Federal Reserve’s cautious outlook, reminiscent of the inflation spikes of the 1970s.
“The Fed is afraid of the 1970s inflation scenario, which is why it takes a cautious approach at the moment,” he explained.
Meanwhile, the bull market for Bitcoin shows resilience, particularly referencing the 200-week moving average, which remains below November 2021’s peak. An accumulation of 1.5 million bitcoin since September highlights investor interest.
In market news, Coinbase has reported strong earnings, and Gamestop is considering a Bitcoin investment, both adding potential catalysts for price movements.
What to Watch
Crypto Events:
- Feb. 14: Dynamic TAO network upgrade goes live.
- Feb. 14, 2:30 a.m.: Qtum hard fork network upgrade.
- Feb. 18: FTX starts reimbursing creditors.
Macro Events:
- Feb. 14, 8:30 a.m.: U.S. Census Bureau retail data release demonstrates market trends.
Additional insights into market trends and statistics about Bitcoin showcase its dominance and trading activity, including:
- Bitcoin dominance: 60.58 (-0.63%)
Technical Outlook: XRP is showing strong price movement while LTC, XLM, and DOGE experience buying pressure in futures.
While You Were Sleeping
Recent developments in market dynamics include significant new investments in the crypto space from international entities, enhancing the industry’s profile.
Finally, Changpeng Zhao of Binance recently made headlines with his pet dog, spurring a memecoin frenzy, which indicates the unpredictable and lively nature of the crypto market today.
