On Monday, the leveraged market experienced the largest liquidation of the year, with positions worth over $1.5 billion being closed. The retraction affected the market on Tuesday, but by Wednesday, everything returned to normal. Despite the rising consumer price index (CPI), the expected evolution continues, making an interest rate cut next week almost certain.
Bitcoin (BTC) has broken through the $100,000 level again, and several altcoins have seen gains of 20-30%. Bitcoin’s price rose from $95,000 to $102,000 by Wednesday evening, despite the correction. This has sparked fear of missing out (FOMO) on Wall Street, as Bitcoin ETFs saw almost $1.14 billion in net inflows this week.
BlackRock did not sell any of its IBIT holdings. The CME Group currently predicts a 98.6% chance of a 25-basis-point interest rate cut during the upcoming FOMC meeting. However, Ray Dalio, a billionaire investor, warns of a possible “debt crisis” that could lead to a sharp decline in the value of the dollar.
He believes that the US debt has grown significantly in recent years, reaching over $34 trillion by early 2024. Stimulus measures related to the COVID-19 pandemic, protracted war, and supply chain issues have contributed to massive government spending and out-of-control inflation in 2022. While Bitcoin’s price has only increased by 3% in the last 24 hours, Ethereum (ETH) has increased by 7%.
This was supported by spot Ethereum ETFs generating inflows of $555 million over the past three trading days. If Ethereum regains the $4,000 level, it could lead to a parabolic rise in altcoins. In the last 24 hours, Sui has increased by 32%, while Aave and Chainlink have increased by 30% each. Large cap projects like XRP, Solana (SOL), Cardano, and Avalanche have also seen gains of 15%, 5%, 13%, and 5%, respectively.
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<p>The post Title: Bitcoin Surges Past $102,000 Amid Inflation and Debt Crisis Fears first appeared on CoinBuzzFeed.</p>
