Traders are bracing for U.S. Consumer Price Index data this week, with a positive print likely influencing Bitcoin’s next price rise, analysts say.
Coupled with strong nonfarm payroll numbers, the “Uptober” narrative has helped buoy support for the world’s largest crypto at around $60,000, according to digital assets firm QCP Capital.
“After a shaky start, Uptober seems to be back on track,” QCP Capital wrote in a note on Monday. “Bitcoin is as at similar levels to where it started last Monday.”
Bitcoin has dipped 2% to $62,570 after briefly touching $64,000 on Monday, while Ethereum has slipped 3% to $2,432, data from CoinGecko shows.
CPI is projected to rise by just 0.1% in September, marking the smallest increase in three months. On a year-over-year basis, the CPI is expected to climb 2.3%, reflecting the sixth consecutive slowdown and the lowest level since early 2021.
“All eyes are on US CPI,” QCP wrote. “With the recent strong US wage and jobs numbers, the market will be paying close attention to this print for any signs of an uptick in inflation.
The CPI helps the Federal Reserve assess inflation.
A rise could lead to higher interest rates to curb spending, which often pressures risk assets like Bitcoin as investors shift to safer investments. Conversely, a lower CPI might signal room for rate cuts, which could benefit risk assets by encouraging more speculative investments.
As inflation impacts the Fed’s decisions on rates, it also directly influences how investors approach Bitcoin and other cryptocurrencies.
Anndy Lian, an author and intergovernmental blockchain expert, told Decrypt that the anticipation around the CPI data has already had an impact, as Bitcoin rebounded from its $60,000 low and is now positioning itself for a potential rally.
“In the past, Bitcoin has been volatile in response to CPI data,” Lian said. “Positive CPI results, reflecting a strong economic environment, have often led to price increases.
On the other hand, higher-than-expected inflation data could raise concerns about stricter monetary policy, which might adversely affect Bitcoin’s price, Lian said.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
Busan Blockchain Week (BWB) 2022, hosted by Busan Metropolitan City held at BEXCO for three days from October 27 to October 29th. With the theme of “Blockchain, City and Life”, as an extension of last year’s NFT Busan 2021, BWB 2022 will feature conferences for the advancement of the blockchain industry and provide a space to obtain insight as well as to share information.
Anndy Lian’s speech is on “Trends Shaping the Future of NFT”.
Lian is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, public listed companies and governments. He is an early blockchain adopter and experienced serial entrepreneur, book author, investor, board member and keynote speaker.
NFT: From Zero to Hero is his latest book. The book is a call to anyone and everyone excited about the prospect of the world of NFT. Bound by imagination only, the NFT space is still in its early days, and early adopters can be a “hero” in their search for new possibilities. The book is available on Amazon and Bybit. More than 8,000 copies were sold.
NFTs took 2021 by storm. With billions traded over NFTs and a strong community behind the technology, we’re seeing NFTs being adopted by industries as diverse as gaming, finance, art, and medicine.
NFT gaming and game-fi
This trend is obvious. At present, many successful game manufacturers in the traditional game industry want to get involved in NFTs.
NFT ticketing
NFT ticketing goes beyond this. The future of NFTs in ticketing offers opportunities for lifetime value, exclusive access, and extra incentives for buyers.
NFT fragments
Fractionalisation essentially breaks up an NFT into smaller pieces so people can purchase small parts of an expensive NFT.
Digital twin NFTs
Imagine this same type of record existing for physical items. It would completely change resale markets.
AI NFTs
Alongside blockchain, Artificial Intelligence (AI) is the next major disruptor in tech. So it should be no surprise the two are being combined.
NFTs and health
With issues surrounding counterfeit vaccination passports and concerns about the vulnerabilities of centralised data storage of sensitive medical information, NFTs and the blockchain may well be integrated more and more into medicine and health in the years to come.
Growth amidst doubt
Although the popularity of NFTs is indeed declining, all walks of life are still accelerating their integration with NFTs.
Starting in the second half of 2021, many well-known brands have also begun to try NFTs, matching them with real objects and even designing their own metaverse. Obviously, the utility has become the first test for big brands in the metaverse field through NFTs.
NFT essentially provides brands with a new way to launch limited-edition products, and the resulting community and word-of-mouth communication will raise their share of voice compared to rival brands.
The future of NFTs
A number of countries are now actively working on regulatory frameworks for NFT assets, strengthening anti-fraud and anti-manipulation audits of projects, determining the business core of each platform, and solving financial security issues such as illegal fundraising and false fraud.
At the same time, major public chains are actively upgrading, expanding, and building their own ecological frameworks to provide underlying support for the production, confirmation, pricing, circulation, and traceability of NFT assets.
Nowadays, NFT financial tools are becoming more and more abundant, and the scale of financial derivatives is steadily increasing. The NFT industry is gradually exploring a development path suitable for blockchain assets.
“The future these NFT trends depict is an interesting one. While many people are concerned about the implications of the metaverse and the rise of AI, it’s a future full of possibilities. We are still early. Let’s build the ecosystem together.” Lian added.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
Analysts predict huge upswing from current levels.
Popular memecoin Dogecoin has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musk’s acquisition of social networking giant Twitter.
Interestingly, Musk is widely touted to be the “Dogefather” — as he frequently mentions the cryptocurrency and engages with its community of users.
Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets.
Musk’s’ The Boring Company, SpaceX, and Tesla all accept Dogecoin as payment for merchandise.
He even named SpaceX’s 2022 moon mission DOGE-1.
Dogecoin has witnessed wild swings in the past over Musk’s tweets and announcements.
The billionaire has flirted with the idea of using Dogecoin as a payment option for a membership or paid version of Twitter.
His rants, however, have also gotten him in trouble.
A number of Dogecoin investors had sued Musk and his firms for $258 billion for racketeering this summer, alleging that they purposefully inflated the price of Dogecoin before allowing it to plummet.
In response, Musk stated in June that while he himself supports cryptocurrency, he never advised anyone to invest in the space.
Dogecoin is the ‘best crypto’ in the long term
Anndy Lian, book Author of “NFT: From Zero to Hero” tells Benzinga that Dogecoin’s price action has a history and is closely linked to Musk.
“Also, Dogecoin has strong community support. Dogecoin sub-Reddit has more than 2.2 million subscribers. Moreover, I think Dogecoin’s inflationary is an advantage. There are several reasons why deflationary currencies like Bitcoin might never be used as money. But Dogecoin’s tendency toward inflation ranks it among the best cryptocurrencies over the long term,” Lian says.
In the shorter term as long as Elon is still the Dogecoin, we will still see more rallies before the year ends as he lays out plans for Twitter, Lian adds.
Dogecoin at 50 cents before the new year
Aliasgar Merchant, lead developer of relations at Akash Network, a decentralized cloud platform, said the current trend reversal for Dogecoin seems sustainable, and the memecoin can easily hit the 50-cent mark before the end of the year.
“Since last August, Dogecoin has not broken the 30 U.S. cents mark, however, with the memecoin’s use cases skyrocketing with Musk’s takeover of Twitter, there is no reason it cannot reach the 50 cents mark before the new year,” he said.
He added that Dogecoin would see strong support between 0.0772 and 0.0792 levels, as data from IntoTheBlock suggests that approximately 27,000 addresses scooped up 5.89 billion DOGE tokens at these levels.
Whales lapping up Dogecoin
Meanwhile, Dogecoin Whale Alert, a Twitter account that tracks the movement of DOGE whales tweeted that 286,953,266 DOGE, worth $22,140,740 was transferred from a “Top 20 wallet” to a Binance wallet.
Dogecoin’s ascent to prominence as the tenth-largest cryptocurrency by market capitalization was fueled by Dogechain, a layer-2 scaling solution for Dogecoin, which recently unveiled its future roadmap.
Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.