Bitcoin Price Jumps 3% to Defy Macro Headwinds, But Bitcoin Minetrix Raises $200,000 and Is the Real Inflation Beater
Friday 29th September 2023 – The Bitcoin price is defying macro gloom to put on a 3% gain as it recaptures $27,000, but it is yield-bearing Bitcoin Minetrix ($BTCMTX) that’s raised $200,000 and could be the biggest winner.
Bitcoin, after briefly slipping below $25k last month and struggling to make headway since peaking at 27,431 on September 19th, is threatening to retake that near-term high.
The move higher has been assisted by a confluence of factors and comes despite gathering storm clouds in the stock and bond markets.
Also, although equities had a green session on Thursday, it comes on the back of a negative week.
The S&P500 has fallen from 4,452 to 4,296, and the Nasdaq Composite slid 500 points, from 13,714 to 13,200. Meanwhile, US 10-Year Treasury yields continue their march higher, now at 4.66%.
And then there is US interest rates at 5.25-5.5% despite the Fed pause, making all risk assets look less attractive, plus a surging US dollar to factor in too.
BTC (green) v SP500 (orange) v US10Y (blue) – 12-hour candles, September 28th. Source: TradingView
Markets worry that US inflation will be stickier than hoped and that a soft landing could be for the birds. The weakening of the narrowly based bullish sentiment that has seen the Nasdaq make a 20% advance this year, has been evident for a few weeks now.
Fed chairman Jerome Powell’s speech on Thursday has done little to calm nerves.
The past few days have seen the gloom merchants come to the fore as a shutdown of the government looms and the real estate debt crisis deepens in China.
Against this backdrop, Bitcoin appears to be gaining in strength, although it is too early to say whether some safe-haven inflows are behind the improvement.
But when the ratings agencies
Read more on cryptonews.com
