Crypto Update | Bitcoin's Rally and its Relationship With Inflation

The latest price moves and insights with Helene Braun and Marc Chandler, Chief Market Strategist at Bannockburn Global Forex. To get the show every day, follow the podcast here. On "Markets Daily," Chief Market Strategist at Bannockburn Global Forex, Marc Chandler, joins Markets Daily with insight on the recent consumer price index (CPI) report and its implications for the market, particularly for Bitcoin and other cryptocurrencies. The CPI report showed higher-than-expected inflation rates, leading to a rise in US interest rates and a decline in risk assets, including crypto. They also touch on the US jobs report and its impact on interest rates. Takeaways | The CPI report showed higher-than-expected inflation rates, leading to a decline in risk assets, including Bitcoin and other cryptocurrencies. The US jobs report, which surpassed expectations, signals a robust economy but raises concerns about interest rates. The relationship between Bitcoin and inflation is questioned, with the guest suggesting that Bitcoin's recent rally is driven more by the advent of ETFs and speculative demand. The impact of the halving on crypto prices is anticipated to be slightly weaker this year due to the shock to supply caused by ETFs. The potential for new record highs in Bitcoin depends on market participants' interpretation of the current consolidation pattern and their confidence in Fed cuts. Chapters | 00:00 Introduction and Market Update 04:34 The US Jobs Report and its Impact on Interest Rates 09:35 The Impact of ETFs and the Halving on Crypto Prices LINKS | CoinDesk 20 Bannockburn Global Forex - Consensus 2024 is where experts convene to discuss ideas shaping our digital future. Join developers, investors, founders, brands, policymakers, and more in Austin, Texas from May 29-31. CoinDesk curates the tenth annual Consensus to feature the industry’s most sought-after speakers, unparalleled networking opportunities, and unforgettable experiences. Take 15% off registration with the code MD15. Register now at consensus.coindesk.com. This episode was hosted by Helene Braun. “Markets Daily” is produced and edited by senior producer Michele Musso, and executive producer Jared Schwartz alongside Senior Booker, Melissa Montañez—all original music by Doc Blust and Colin Mealey.