Since the mid-may crash of the whole crypto market, if there is a cryptocurrency that has seen the worst of it, then without an argument, it is Bitcoin. The very reason for the onset of the crash was the casting of Bitcoin miners from China and the imposition of a permanent crypto ban; Elon Musk also played a part in all of this as he ridiculed the flagship cryptocurrency for using natural resources and beating around the ‘dangerous to the environment’ chord. Since then, there have been multiple ups and downs in the price of Bitcoin, and it has seriously struggled to remain above the $30K range. But now things are really looking up for Bitcoin as it has hit $45K, but there are some lingering bad attributes to this otherwise amazing leap by the flagship cryptocurrency.
Bitcoin’s Performance and Inflation
The inflation is expected to rise by a factor of 0.5% in July, and we are already in August, so how much this little factor would have affected the overall performance of the crypto market and hence Bitcoin. The July inflation report will be here in a couple of days, and Bitcoin has already hit the highest level in the past two months. Bitcoin recently touched $45,363 after surging 1.65% in a day.
The inflation report is expected to arrive on 11th August, and according to the US Bureau of Labor Statistics, the report already hints at a 0.5% increase regarding inflation. But the crypto enthusiasts are not worried by this as they have responded positively to the last inflation reports, and Bitcoin has done amazingly through these hard times. This recent rise of the Bitcoin bulls should elevate the price of flagship cryptocurrency above $40K, and it is definitely paying off, but would it be the same when the inflation report is here? According to several analysts, the current bullish approach should be able to push the price of cryptocurrency above $50K, but at the same time, corrections are going to catch up with Bitcoin, and it might not be a savvy site for Bitcoin bulls.