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Bitcoin technology has been revolutionizing the world. The price of Bitcoin is also soaring as its popularity grows in the US and internationally. But what does this mean for society? Will crypto currency replace traditional currencies? Or will we see a new rise in inflation coupled with deflationary bubbles?
Bitcoin Price Hits $3000
Bitcoin prices hit $3000 on Saturday morning. The cryptocurrency is now up .% for the week and up 7.5% for the month of January.
Bitcoin prices have been trending upwards this past month, as both the US PCE inflation report and JP Morgan’s Jamie Dimon have shown lessening inflation rates in their countries. Bitcoin prices have been gaining momentum due to this positive news.
The JP Morgan report found that annual core inflation rates were at 0.2% in December, which is below the Fed’s target of 2%. This data supports arguments that deflation is slowly subsiding in the world economy.
Bitcoin prices are still volatile, but they are headed in the right direction. As long as there is positive news regarding inflation rates and the world economy, Bitcoin prices will continue to rise.
3.5% gains in bitcoin price, US PCE data supports slowing inflation
Bitcoin prices have been on a tear lately, reaching a new all-time high of $1,242 in the past 24 hours. The digital currency has seen a 3.5% gain in value over the past week, although it is still down from its record highs of late 2017.
The bitcoin price has been supported by strong US economic data, which suggests that inflation is slowing. Inflation is measured as the rate of increase in prices across a certain period of time. The US PCE index, which measures inflation in the US economy, showed a 2.9% decline in January 2019, which was below expectations. This suggests that the Federal Reserve may begin to reduce interest rates sooner than expected.
Additionally, global trade data showed that exports grew by 2.8% in February 2019 compared to January 2019. This suggests that the global economy is continuing to grow despite political uncertainty and trade disputes between some countries. These positive economic indicators suggest that bitcoin prices will continue to rise in the short term.
Recent volatility and questions remain
1. Bitcoin prices hit a new all-time high over the weekend, reaching nearly $7,500 on some exchanges. This marks a 7% gain in BTC since the start of the year.
2. The price of BTC has been climbing as uncertainty surrounding the future of fiat currency continues to fade. This is in line with recent trends in global inflation data, which suggests that inflation is slowing down.
3. While questions remain about bitcoin’s future and stability, these factors are supporting its value and position on the market.
Updates from bitcoin industry professionals
Bitcoin prices hit a new all-time high on Thursday, gaining more than 8% in value over the course of the day.
The price of bitcoin continues to trend upwards, with many industry professionals attributing this increase to growing interest in the digital currency.
According to Coindesk, a news site that covers the bitcoin industry, some experts are predicting that bitcoin prices could reach $1 million by the end of the year.
Meanwhile, data from the US Personal Consumption Expenditure (PCE) report supports slowing inflation in the United States. According to data released by the Bureau of Economic Analysis (BEA), PCE inflation slowed from 2.9% in Q2 2017 to 2.5% in Q3 2017. This suggests that economic growth is not resulting in an increase in prices for everyday goods and services.
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