Bitcoin at $23K Amid EU Inflation

Bitcoin ascends from its previous day’s values, rising above $23k as it gains support and resistance from the global crypto markets following reports declaring the highest-ever record inflation across Europe.

BTC Gains in Resistance and Support around $23K

Crypto exchanges worldwide reported a slight stagnation with the Bitcoin market cap currently hovering around $447.51 billion and 24-hour daily transaction volumes clocking in at $23.03 billion. The consistent growth has stumped analysts, who are now wondering whether this market will lead further from the current position, as BTC gains resistance and support and resistance around $23.8-$24 billion.

Near-term assistance arrived as buy-ins by whale investors are holding the fort down as their fort at the closest possible support.

Also Read: Everything You Need to Know About Crypto Credit Cards And Crypto Debit Cards

The EU Witnesses Unprecedented Inflation Across July 2022

The main highlight of the report was the unbelievable surge in inflation across the entire EU. Moreover, it increased by 9.6% from year on year across June. To make things clear, inflation amounted to 2.5% in July 2021.

The lowest inflation across the European nations was recorded in France and Malta, both standing at 6.8%. They were followed by Finland, which registered a slightly higher 8.0%. Inflation surged the highest across nations like Lithuania(20.9%), Latvia(21.3%), and Estonia(23.2%), as per the Eurostat report. The report reveals yearly inflation receded in 6 European countries, and remained equal in 3, Moreover, grew across 18 nations of the European Union.

EU Central Bank Forecasts

European Central Bank(ECB) Executive Board Member Isabel Schnabel hesitated to confirm a decrease in inflation any time soon, stating:

“I would not exclude that, in the short run, inflation is going to increase further. But any projection is currently subject to high uncertainty. So it’s very difficult to predict when inflation is going to peak.”

Wrapping Up

The EU readings came one day following England’s announcement of its 1st-ever two-digit inflation report since the 1980s. As the US Fed Reserve instigates signs of recovery, it is upon us to leverage the best trading advantages.