Cryptozyma postponed - bitcoin price rises again

rose sharply in the last two days, rising above $44,000 late Wednesday. On Monday, BTC briefly fell below $40,000; the rise over the past two and a bit days was 10%.

Bitcoin gained more momentum Wednesday after the release of U.S. inflation data. Although they came in above forecasts, the dollar index fell to a two-month low, dropping to its lowest level in over a year.

The first cryptocurrency has taken advantage of the weakening dollar in recent days to try to break the downtrend seen since November. Rising inflation has investors seeking protection in higher-yielding instruments such as cryptocurrencies.

The volume of liquidation of futures positions on the crypto market during the day amounted to $157 million, of which the vast majority were short.

The combination of onchain indicators and record high leverage in the derivatives market indicate a high probability of strengthening and liquidation of short positions, according to Glassnode, writes ForkLog.

Su Zhu, head of Singapore-based venture capital fund Three Arrows Capital, pointed to the rare Dormancy Flow indicator, which shows a signal to buy bitcoin. The indicator has generated such signals only six times in its trading history.

Rick Edelman, founder of consulting firm Edelman Financial Engines, is convinced that by the end of 2022, more than 33% Americans will own the first cryptocurrency.

Meanwhile, "bond king" and DoubleLine head Jeffrey Gundlach called bitcoin too expensive in light of the Fed's upcoming monetary policy tightening and suggested waiting until the price drops to $25,000 to buy it. Gundlach's skepticism stems from the Fed's hawkish signals of an impending rate hike.