NxtVertexNxtVertex

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Why is a data breach a big risk for crypto traders, and how can they avoid it?

    December 23, 2022

    Betbeard’s Best Non-Stop Casino 2023

    December 23, 2022

    PS5 Pro vs. PS5 Slim release likely in 2023: While a tipster’s PlayStation 5 hardware roadmap points to the latter, Sony official comments fuel anticipation for the former.

    December 23, 2022
    Facebook Twitter Instagram
    • Tech
    • Gadgets
    • Mobiles
    Facebook Twitter Instagram Pinterest VKontakte
    NxtVertexNxtVertex
    • Home
    • Tech

      Betbeard’s Best Non-Stop Casino 2023

      December 23, 2022

      Microsoft and Netflix are rumored to join as streaming competition heats up.

      December 23, 2022

      We just learned that hackers stole encrypted LastPass password vaults.

      December 23, 2022

      Shipments of AR and VR are down, but IDC anticipates rise by 2023.

      December 22, 2022

      Autonomous P-Flap ornithopter perches like a bird using a claw.

      December 21, 2022
    • Mobiles

      With a better display, the Xiaomi Pad 6 Pro might challenge the iPad Pro.

      December 22, 2022

      Galaxy Z Fold 3 and Flip 3 prices plummet to just $585 in a refurb sale.

      December 20, 2022

      The specifications for the OnePlus Nord 3 have been announced, and they’re quite remarkable.

      March 21, 2022

      On BIS, a Redmi 10 Prime Plus appears, which could be a rebranded Note 11E 5G.

      March 21, 2022

      Realme’s insatiable appetite is expanding faster than anyone else’s, and it’s aiming squarely at Europe.

      March 18, 2022
    • Gaming
    • Gadgets
    • Crypto
    • How To
    • Contact
    NxtVertexNxtVertex
    Home»Crypto»Bitcoin falls as US inflation rises as expected, and the European Central Bank slows asset purchases.
    Crypto

    Bitcoin falls as US inflation rises as expected, and the European Central Bank slows asset purchases.

    The ECB will "take whatever action is necessary to fulfill the ECB's mandate to pursue price stability and safeguard financial stability," according to the statement.
    NxtvertexBy NxtvertexMarch 10, 2022Updated:March 10, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Image Credits [europarl.europa.eu/]
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Inflation in the United States increased to 7.9% in February, up from 7.5 percent the previous month and in line with expectations. On the announcement, Bitcoin (BTC) soared higher, before turning lower, along with sliding stock markets in Europe and the United States. (At 14:48 UTC, revisions were made to the full text.)

    “The 12-month increase has been steadily increasing and is now the highest since January 1982.” The all-items index, excluding food and energy, increased by 6.4 percent, the highest 12-month jump since August 1982, according to the US Bureau of Labor Statistics.

    BTC was trading at USD 39,080 at 14:30 UTC, down roughly 0.6 percent in the first hour after the data was revealed, while ETH was trading at USD 2,586, down about the same proportion as BTC.

    Meanwhile, gold prices reversed earlier today’s losses, trading practically steady over the same time period to reclaim the important USD 2,000 barrier.

    At 14:30 UTC on Wall Street, the crucial S&P 500 index was down 1.1 percent, while the European-wide STOXX 600 index was down 1.88 percent.

    The US inflation statistic was issued after the European Central Bank announced that it would reduce its bond-buying program sooner than expected, citing inflationary pressures on the European continent caused by the Ukraine conflict.

    “The Russian invasion of Ukraine is a watershed for Europe,” the ECB’s statement said. 

    The ECB will “take whatever action is necessary to fulfill the ECB’s mandate to pursue price stability and safeguard financial stability,” according to the statement.

    Notably, the ECB deleted from its statement a suggestion that interest rates could go lower than they are now. It went on to say that interest rate increases will come “some time after” bond purchases were totally phased out.

    The euro reacted to the news by first rising against the US dollar after the statement was released, before falling again later.

    Meanwhile, ahead of today’s release of US inflation numbers, Marcus Sotiriou, an analyst at UK-based crypto broker GlobalBlock, stated that if inflation in the US continues to come in over predictions, a drop across all worldwide markets might be witnessed.

    “A higher than expected reading could lead to a further fall in global markets, as investors may price in aggressive monetary policy from the Federal Reserve. A lower than expected reading may have an opposite effect,” Sotiriou said in a comment shared with Cryptonews.com.

    Meanwhile, other analysts claim that strong inflation has now lasted far longer than projected.

    “We thought inflation would come down, especially due to the untangling of the global supply chain,” Joel Naroff, chief economist at Naroff Economics, told the Wall Street Journal. “But we don’t know how what’s happening in Ukraine will re-tangle that.”

    President Joe Biden’s administration also appears to have been anticipating a high figure. White House Press Secretary Jen Psaki said yesterday that they “[…] expect to see a high headline inflation in tomorrow’s February inflation data,” with increasing energy prices being “a key reason.”

    On the digital euro, we’re ‘working hard.’
    ECB President Christine Lagarde also stated at a news conference following the announcement that work on a digital euro – the intended central bank digital currency (CBDC) for the euro area – is something she is “working hard” to advance.

    I am pleased that “attention is now focused on the role that cryptos can play,” Lagarde said, adding that she applauded President Biden’s signing of an executive order on crypto in the United States yesterday.

    “I think we have to be a little bit ahead of the curve on that front,” Lagarde said of the establishment of a digital euro, adding that the ECB’s Governing Council will make a formal decision to launch a CBDC later.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Nxtvertex
    • Website

    Related Posts

    Why is a data breach a big risk for crypto traders, and how can they avoid it?

    December 23, 2022

    One of the Biggest Bitcoin Miners, Core Scientific, Files for Bankruptcy Protection

    December 21, 2022

    How to make money on Crypto in Non-Crypto Ways?

    March 27, 2022

    Google: We were able to block these hackers from targeting job seekers and crypto companies.

    March 25, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Editors Picks

    Betbeard’s Best Non-Stop Casino 2023

    December 23, 2022

    PS5 Pro vs. PS5 Slim release likely in 2023: While a tipster’s PlayStation 5 hardware roadmap points to the latter, Sony official comments fuel anticipation for the former.

    December 23, 2022

    Microsoft and Netflix are rumored to join as streaming competition heats up.

    December 23, 2022

    We just learned that hackers stole encrypted LastPass password vaults.

    December 23, 2022
    Top Reviews
    9.1

    Review: Mi 10 Mobile with Qualcomm Snapdragon 870 Mobile Platform

    By Nxtvertex
    8.9

    Comparison of Mobile Phone Providers: 4G Connectivity & Speed

    By Nxtvertex
    8.9

    Which LED Lights for Nail Salon Safe? Comparison of Major Brands

    By Nxtvertex
    Advertisement
    Demo
    NxtVertex
    Facebook Twitter Instagram Pinterest
    • Home
    • Tech
    • Crypto
    • Gadgets
    • Mobiles
    © 2023 Nxtvertex. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.