Bitcoin and Dogecoin Prices Rise Again On Wednesday

Lutfi

Bitcoin and Dogecoin Inflation Indicators From the Producer Sector
Bitcoin and Dogecoin Inflation Indicators From the Producer Sector

Rancakmedia.com – Latest information regarding Bitcoin and Dogecoin prices rose again. Most of the cryptocurrencies with high market capitalization (big cap) traded on Wednesday (15/12/2021) morning WIB managed to rebound into the green zone, after inflation in the United States (US) from the producer sector was reported to have soared again. In November.

Launching data from CoinMarketCap as of 09:20 WIB, only digital stablecoins, Binance Coin, and Polkadot are still correcting this morning.

Binance Coin fell 0,14% to a price level of US$524.53/coin or the equivalent of Rp. 7.500.779/coin (assuming today's exchange rate is Rp. 14.300/US$) and Polkadot corrected 1,68% to US$ 25,84/coin or Rp. 369.512/coin.

Meanwhile, the rest managed to rebound today. Bitcoin increased 2,1 percent to US$ 47.952,88/coin or Rp. 685.726.184/coin, Ethereum rose 0,93 percent to US$ 3.825,31/coin (Rp. 54.701.933/coin), while Dogecoin exploded 15,16, 0,182 percent to US$ 2.603/coin (Rp. XNUMX/coin). coin).

Bitcoins and crypto Other large caps managed to rebound into the green zone after Uncle Sam's inflation from the producer sector was reported to have jumped again in November.

Investors are returning to Bitcoin in particular because they believe it can be used to hedge against inflation. Even though it has started to rebound, Bitcoin prices are still far below the psychological milestone of US$50.000.

Previously on Tuesday (14/12/2021) morning US time, US inflation from the producer sector (producer price index/PPI) for the November 2021 period rose 9,6 percent on an annual basis (year-on-year/yoy).

The US PPI this month was greater than analysts' predictions in the Dow Jones survey which projected an increase of 9,2 percent.

Meanwhile, on a monthly basis (month-on-month/mom), Uncle Sam's country's PPI last month rose 0,8 percent, also outside the market estimate of 0,5 percent.

Bitcoin and Dogecoin Inflation Indicators From the Producer Sector

The Fed is expected to announce its decision on Wednesday (15/12/2021) afternoon US time or Thursday (16/12/2021) Indonesian time, regarding whether the Fed will move more quickly to end its asset purchases and will further suggest an increase in the benchmark interest rate next year.

Bitcoin and Dogecoin Prices Rise Again On Wednesday

 

The gradual reduction in interest rates was initiated by the Fed at the end of November last year. This means that until QE reaches zero, it will take 8 months or the projection will end in June 2022. However, the Fed has the option to accelerate tapering, so that QE will become zero in 4 to 5 months.

Meanwhile, the largest alternative digital coins (altcoins), especially Ethereum, also started to increase this morning. Despite this, Ethereum's current price is still well below the psychologically significant US$ 4.000 mark.

Meanwhile, another cryptocurrency, Dogecoin, was the biggest winner this morning, when Tesla CEO Elon Musk indicated that the electric vehicle company would accept Dogecoin as a means of payment for buying and selling electric cars.

Conclusion:

Bitcoin and other large-cap crypto managed to rebound into the green zone after Uncle Sam's inflation from the producer sector reportedly jumped again in November.

Even though it has started to rebound, Bitcoin prices are still far below the psychological milestone of US$50.000. Dogecoin exploded 15,16 percent to US$ 0,182/coin (Rp. 2.603/coin).

US inflation for the November 2021 period rose 9,6 percent on an annual basis (year-on-year/yoy). The US PPI this month was greater than analysts' predictions in the Dow Jones survey which projected an increase of 9,2 percent.

The Fed is anticipated to reveal its decision on whether it will move more quickly to end its asset purchases and will further suggest an increase in the benchmark interest rate.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.