{"id":497340,"date":"2022-08-02T17:00:54","date_gmt":"2022-08-02T17:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=497340"},"modified":"2024-06-11T08:32:40","modified_gmt":"2024-06-11T08:32:40","slug":"another-red-daily-close-puts-bitcoin-below-23000-is-recovery-expected","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/another-red-daily-close-puts-bitcoin-below-23000-is-recovery-expected\/","title":{"rendered":"Another Red Daily Close Puts Bitcoin Below $23,000, Is Recovery Expected?"},"content":{"rendered":"

Bitcoin has seen another red daily close after a tremendous rally from last week. This has now wiped off most of the gains made during this time period and has left the digital asset struggling below $23,000 once more. The momentum has quickly died down as the news of the recession settled in. Its viability as an inflation hedge is once more called into question given its performance so far this year.<\/p>\n

Is Bitcoin Still A Good Bet?<\/h2>\n

Bitcoin being an inflation hedge, has been one of the selling points for the digital asset. This is due to its performance on a year-over-year basis compared to other financial markets over similar time frames. Since these financial markets, such as the stock market, have been unable to keep up with the high inflation rate, investors had naturally flocked to bitcoin as yearly returns trumped the inflation percentages.<\/p>\n

Related Reading: Ethereum Investors Clamor To Take Profits As Profitability Explodes<\/a><\/div>\n

That is, until a bear market where bitcoin\u2019s performance as an inflation hedge starts to shake. An example is the bear market that is currently being experienced in the market. This decline has seen the digital asset lose about 44% of its value during this time and inflation continues to hit 40-year highs. But on a month-to-month basis, bitcoin has outperformed prominent markets such as the S&P, giving credence to its ability to give reasonable returns even during a bear market.<\/p>\n

\"Bitcoin<\/p>\n

BTC sees another red daily close | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin has been up more than 20% in the last month, while the S&P is up only 8%. But on a yearly basis, the market is down significantly less than bitcoin at 5.8%. So while bitcoin has shown to be a good bet when it comes to hedging against inflation, it remains a choice for investors with a large risk appetite.<\/p>\n
Market Sentiment Points To Recovery<\/h2>\n
The crypto market crash back in June had sent the market sentiment deep into the extreme fear territory. This would persist for a couple of weeks as the prices of cryptocurrencies struggled to recover their lost value. However, it would quickly change when bitcoin saw a swift recovery in its price back in July.<\/p>\n
Related Reading: Bitcoin Enters August With Losses, Has It Set The Tone For The Month?<\/a><\/div>\n
Bitcoin had made it back above $24,000 once more, and this had sparked faith in the hearts of investors once more. Sentiment had recovered along with the price and towards the end of the month had grown to a high score just below 30 on the Fear & Greed Index. This score still put it in the fear territory but was a remarkable recovery in sentiment nonetheless.<\/p>\n
Now, even with the decline, data shows that investors are still maintaining positive sentiment towards digital assets such as bitcoin. One thing that positive sentiment drives are accumulation, and accumulation leads to recovery. Bitcoin just needs to hold above the $22,700 support and close with a higher price for a bounce back above $23,000.<\/p>\n
Featured image from Outlook India, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen another red daily close after a tremendous rally from last week. This has now wiped off most of the gains made during this time period and has left the digital asset struggling below $23,000 once more. The momentum has quickly died down as the news of the recession settled in. Its viability as an inflation hedge is once more called into question given its performance so far this year. Is Bitcoin Still A Good Bet? Bitcoin being an inflation hedge, has been one of the selling points for the digital asset. This is due to its performance on a year-over-year basis compared to other financial markets over similar time frames. Since these financial markets, such as the stock market, have been unable to keep up with the high inflation rate, investors had naturally flocked to bitcoin as yearly returns trumped the inflation percentages. That is, until a bear market where bitcoin\u2019s performance as an inflation hedge starts to shake. An example is the bear market that is currently being experienced in the market. This decline has seen the digital asset lose about 44% of its value during this time and inflation continues to hit 40-year highs. But on a month-to-month basis, bitcoin has outperformed prominent markets such as the S&P, giving credence to its ability to give reasonable returns even during a bear market. BTC sees another red daily close | Source: BTCUSD on TradingView.com Bitcoin has been up more than 20% in the last month, while the S&P is up only 8%. But on a yearly basis, the market is down significantly less than bitcoin at 5.8%. So while bitcoin has shown to be a good bet when it comes to hedging against inflation, it remains a choice for investors with a large risk appetite. Market Sentiment Points To Recovery The crypto market crash back in June had sent the market sentiment deep into the extreme fear territory. This would persist for a couple of weeks as the prices of cryptocurrencies struggled to recover their lost value. However, it would quickly change when bitcoin saw a swift recovery in its price back in July. Bitcoin had made it back above $24,000 once more, and this had sparked faith in the hearts of investors once more. Sentiment had recovered along with the price and towards the end of the month had grown to a high score just below 30 on the Fear & Greed Index. This score still put it in the fear territory but was a remarkable recovery in sentiment nonetheless. Now, even with the decline, data shows that investors are still maintaining positive sentiment towards digital assets such as bitcoin. One thing that positive sentiment drives are accumulation, and accumulation leads to recovery. Bitcoin just needs to hold above the $22,700 support and close with a higher price for a bounce back above $23,000. Featured image from Outlook India, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":497362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86498,679,1119,1144,83970,2438,79520,84008],"class_list":["post-497340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-inflation-hedge","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btucsdt","tag-inflation","tag-xbtcusd","tag-xbtcusdt"],"acf":[],"yoast_head":"\nAnother Red Daily Close Puts Bitcoin Below $23,000, Is Recovery Expected?<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen another red daily close after a tremendous rally from last week. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Another Red Daily Close Puts Bitcoin Below $23,000, Is Recovery Expected?","url":"http:\/\/wncen.com\/news\/another-red-daily-close-puts-bitcoin-below-23000-is-recovery-expected\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/another-red-daily-close-puts-bitcoin-below-23000-is-recovery-expected\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin.jpeg?fit=1200%2C675"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin inflation hedge","bitcoin price","btc","btcusd","btucsdt","inflation","xbtcusd","xbtcusdt"],"dateCreated":"2022-08-02T17:00:54Z","datePublished":"2022-08-02T17:00:54Z","dateModified":"2024-06-11T08:32:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Another Red Daily Close Puts Bitcoin Below $23,000, Is Recovery Expected?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/another-red-daily-close-puts-bitcoin-below-23000-is-recovery-expected\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/another-red-daily-close-puts-bitcoin-below-23000-is-recovery-expected\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/bitcoin.jpeg?fit=1200%2C675\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin inflation hedge\",\"bitcoin price\",\"btc\",\"btcusd\",\"btucsdt\",\"inflation\",\"xbtcusd\",\"xbtcusdt\"],\"dateCreated\":\"2022-08-02T17:00:54Z\",\"datePublished\":\"2022-08-02T17:00:54Z\",\"dateModified\":\"2024-06-11T08:32:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/bitcoin.jpeg?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497340"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=497340"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497340\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/497362"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=497340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=497340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=497340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}