The Bitcoin Conference 2022 in Miami Ends — And With It, Bitcoin's Uptrend
Bitcoin

The Bitcoin Conference 2022 in Miami Ends — And With It, Bitcoin's Uptrend

3 месяца назад

The 2022 Bitcoin conference in Miami ended without a bang comparable to last year's El Salvador announcement. Is that why the price is down?

The Bitcoin Conference 2022 in Miami Ends — And With It, Bitcoin's Uptrend

Содержание

The "world's largest gathering of Bitcoiners" and "pilgrimage for those seeking greater freedom and individual sovereignty" is over. It looks like the bears just waited for this moment to make their move.

Virtually as soon as the Bitcoin 2022 conference ended, the price of BTC started flagging. At the time of writing, Bitcoin is struggling to stay above $41,000 — and more downside may be yet to come, according to Crypto Twitter.

One popular analyst hinted at market weakness on April 8, pointing out that despite the Luna Foundation eagerly buying Bitcoin, BTC was stuck at a resistance level.

His call looks more than prescient on a dire Monday that sees Bitcoin being weighed down by a looming FOMC meeting, where new inflation estimates could knock the price even lower. With numbers expected to come in around 8%, inflation looks well and truly here to stay. Bitcoin, as a result, could be financial collateral damage.

Bonds Up and Bitcoin Down?

Bitcoin Magazine's managing director Christian Keroles seems to have been right in his assessment during our recent interview for the CoinMarketRecap podcast. He said:

"This market is a classic sell the news market. 9 times out of 10, you should sell the news — but this is not investment advice."

That looks well on point, but there may be bigger forces here at play than the Bitcoin 2022 conference. With bonds rocketing to multi-year highs in light of spiraling inflation, money seems to be flowing out of risk-on assets like cryptocurrencies and into safe-haven investments like U.S. and German bonds.

Bitcoin has held up remarkably well over the last few weeks, shaking off a dip at the start of the Russian invasion of Ukraine and briefly reclaiming its yearly open of $45,000. Alas, economic reality once again seems to be catching up with cryptocurrencies, as investors fear that quantitative tightening is on the horizon.

Many eyes will be on Wednesday's FOMC meeting, which cryptocurrency investors anxiously anticipate. If inflation numbers exceed 8% — or possibly even more — Bitcoin could see more downside. Surging inflation in Europe is not helping either.

Conference participants will console themselves with the knowledge that falling prices following Miami is a story that repeats itself. Fasten your seatbelts and HODL.

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