When Bitcoin miraculously recovered this year, El Salvador’s investment was closer to breaking even. It had bought 2,381 bitcoins at $44,300 on average. Last week’s rise from $39,400 on Dec. 3 to $43,900 is showing signs of slowing momentum. The price did not change from Dec. 5.
BTC prices will depend on economic news this week. The U.S. will report the November CPI (inflation) on Tuesday. An increase would spur the Fed to raise rates. That would strengthen the U.S. dollar, which competes with BTC-USD. Conversely, low or negative inflation would increase the odds of a rate cut. That would decrease the attractiveness for foreigners to buy U.S. debt. It would lift BTC prices.
Speculators have plenty of tokens that will ride alongside Bitcoin. Stacks (STX), Terra Luna Classic (LUNC), Conflux Network (CFX), and Coin (PEPE) are some of the trending tokens. Pepe is named after the green-colored frog meme. PEPE closed at $0.000001629, up by 39.9% in the seven days ended Dec. 9. It has a market cap of $685.4 million. BTC has an $858.5 billion market cap, followed by Ethereum (ETH) at $282.9 billion.
BTC is trading at resistance zones. It needs to break out convincingly at above $45,000. This is a make-or-break weakness for the leading cryptocurrency.
