Home Latest News Bitcoin price rises ahead of key inflation data – City A.M.

Bitcoin price rises ahead of key inflation data – City A.M.


By: Crypto AM Daily in association with Luno
The price of Bitcoin finally broke its losing streak last night, finishing the week above where it started for the first time in nine weeks. 
The leading cryptocurrency by market cap is currently changing hands for $31,247 – an increase of around five per cent over the past 24 hours and two per cent since this time last week. 
The Ethereum price is also up this morning, sitting at around $1,888 after rising five per cent since yesterday morning. Other major cryptocurrencies are also up, with Chainlink seeing a particularly strong performance – it’s up 8.5 per cent over the same time period.
All eyes this week will be on the incoming inflation data for May from the US, which could provide more indication about future interest rate rises. The Consumer Price Index (CPI) data for May will be released on Thursday, which has historically provided some gauge of how inflation is progressing, CPI announcements have traditionally been accompanied by market volatility both within crypto and beyond, with interest rate rises often closely connected. 
Will the same be true this week?
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
*Definitions and insights can be found at https://bytetree.com/research 
The total capitalisation of the entire cryptocurrency market at time of writing is currently $1.28 trillion.
We closed yesterday, June 5 2022, at a price of $29,906.66. The daily high yesterday was $30,117.74 and the daily low was $29,574.45.
Bitcoin’s market capitalisation at time of writing is $595.5 billion. To put it into context, the market cap of gold is $11.781 trillion and Tesla is $728.88 billion. 
The total spot trading volume reported by all exchanges over the last 24 hours was $25,628,799,316 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 57.29%.
Market sentiment today is 13, in Extreme Fear.
Bitcoin’s market dominance today is 47.03. Its lowest ever recorded dominance was 37.09 on January 1 2018.
The daily RSI is currently 51.11. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition. 
“Inflation has been going up my entire life. I remember a time when a bag of crisps was 20p now it is 70-80p. Bitcoin is the best inflationary hedge in this cost of living crisis.”
Brendan Jordan, cryptocurrency investor
Extreme fear = Extremely good buying opportunity. pic.twitter.com/zA8tSDBQ5w
This time last year…
✨ Exactly 1 year ago today, El Salvador became the 1st country to declare #Bitcoin legal tender

A small nation took a giant leap for humanity 🇸🇻 pic.twitter.com/2IibkguFUb
A change of season…
#Bitcoin has ended its longest bearish streak to date https://t.co/oIUrY6gBND
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
‘Let people invest’: Matt Hancock makes case for liberal crypto rules
Explained: Why the Treasury is so sold on stablecoins
Fears crypto is used to avoid sanctions ‘misplaced,’ says Matt Hancock
Meet the hackers helping people recover lost crypto assets
The cryptocurrency fundraisers behind Ukraine’s military effort

Crypto crazy couple name baby after favourite digital asset

Peter McCormack: Transforming Bedford FC into a global Bitcoin brand


Crypto AM: Founders Series 
Crypto AM: Industry Voices 
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman 
Crypto AM: Tiptoe through the Crypto with Monty Munford 
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
Part Two
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST
Share this article
Subscribe to the City A.M. newsletter to have our top stories delivered directly to your inbox.
Follow us for breaking news and latest updates


Previous articleBurger King, Robinhood hand out free dogecoin in play to lure back retail investors – Yahoo Finance
Next articleSamsung Galaxy S22 Ultra vs. OnePlus 10 Pro – Digital Trends
He is well known among his circle for his incredible attraction towards smartphones and tablets. Charles is a python programmer and also a part-time Android App developer.