Cryptocurrency

Bitcoin Price Correlated With Financial Markets – Bitcoin Magazine

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This is an opinion editorial by Mike Ermolaev, head of public relations and content at Kikimora Labs.

Setting The Context: Global Economy Fundamentals

The economy is still recovering from the COVID-19 outbreak as new problems arise. We are now in a time of rampant inflation with central banks trying to remedy that by raising interest rates.

The US CPI data (consumer price index), released on October 13, came in higher than expected (8.2% year-over-year), negatively impacting the bitcoin price. But inflation is not the only issue, the global economy is also struggling with the energy crisis, affecting Europe more than the US, due to its strong dependency on Russian natural gas and raw material.

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