Crypto Market Update: Strive Outpaces Strategy in Bitcoin Race

Admin 2 min read

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Here’s a quick recap of the crypto landscape for Wednesday (October 14) as of 10:00 p.m. UTC.

Bitcoin price update

Bitcoin (BTC) was priced at US$81,733.78, trading 1.6 percent lower over the past 24 hours.

Bitcoin inched higher earlier in the week, moving from about US$82,300 at the end of last week to more than US$83,000 on Tuesday (October 13). The popular cryptocurrency briefly reached US$84,000 early on Wednesday ahead of the latest US consumer price index data, which came in hotter than expected.

The all-items index was up 3.7 percent year-on-year, higher than the 3.4 percent seen in August. Core inflation, which leaves out food and energy, rose 2.6 percent, above the 2.5 percent analysts expected.

Bitcoion’s gains faded after the report, slipping below US$82,000; on Monday (October 12), Bitfire Research said that level could open the door to a drop toward US$79,000.

Before the report was released, Lacie Zhang, research lead at Bitget Wallet, said that “the biggest risk investors may be underpricing is that sticky core inflation keeps the Fed on a higher-for-longer path beyond the single additional hike many still expect later this year.” Meanwhile, Glassnode analysts said Bitcoin is “boxed in.”

Bitwise Chief Investment Officer Matt Hougan took a longer-term view in his weekly memo.

He argues that whether the economy booms, slips into a recession or just muddles along, Bitcoin is likely to end up higher over time — though he cautioned that the path won’t be a straight line.

“But for long-term investors, the big macro questions matter less than most people think. That’s because, of all the different paths the economy can take, virtually all of them still lead to bitcoin,” he wrote.

Today’s crypto news to know