Bitcoin is close to $ 69,000

Bitcoin continues to run, which today touched $ 69,000. The queen of cryptocurrencies, in fact, today reached a maximum of 68,990 dollars. Bitcoin currently stands at $ 68,507, up 2.55% in the last 24 hours. Inflation data provided a further boost to the cryptocurrency sector, so much so that bitcoin hit a new all-time high. Bitcoin, comments Simon Peters, cryptoasset analyst at eToro, “has reached a new all-time high, triggered by painfully high inflation numbers from the US. News that US inflation has hit 6.2% has spurred the price. upwards of up to $ 69,000 “. “It is enlightening – observes the analyst – to see the price react in such a spectacular way. Not only is it a sign that the market is extremely averse to inflationary pressure, but it is also a sign that investors are now firmly using bitcoin as a hedge against It is also an indication that institutional investors can participate in ‘buying the news’, as this is the type of movement we typically associate with other markets that react heavily to economic news. ” central banks around the world struggle against inflation, Peters points out, “the idea of ​​holding something impervious to its value erosion effects emerges. Bitcoin is fundamentally structured as a deflationary asset with a set limit of coins that can go into circulation, while there is much debate about the level of inflationary pressure the global economy is facing , investors appear to be voting with their feet and adding to their crypto holdings to protect themselves and their assets. It remains to be seen how far this price hike will extend. From an investor’s point of view, the key is to understand the intrinsic investment case for the cryptoasset. Anyone interested in the market should do their research thoroughly instead of just buying based on price movements. “