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Bitcoin Inflation Hedge Mantra Put to Test as Momentum Falters
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At first, it appeared like a regular profit-taking exercise among western day-traders against overvaluation risks. Nevertheless, blockchain analytics platform CryptoQuant noted that the sell-off appeared out of South Korea-based crypto exchange Upbit Global. It happened after a so-called “Kimchi Premium” indicator reached its three-year peak.
What is Kimichi Premium?
In retrospect, Kimchi Premium a metric which represents the difference in the bitcoin prices on South Korean exchanges and other global trading avenues. Arcnae Research analysts note that when the indicator peaks, it somewhat ends up blowing up the bitcoin bullish bubbles. The metric reached 47 percent in January 2018 and 63 percent in 2017, and followed up with vast price corrections in the global bitcoin market.
Provided by Dow Jones
By Will Horner U.S. stocks wobbled Wednesday as investors awaited notes from the Federal Reserve s last policy meeting for clues on how officials view inflation and the pace of economic recovery. The S&P 500 index and the Dow Jones Industrial Average edged higher about 0.1%. The Nasdaq Composite Index slipped 0.1%. On Tuesday, indexes pulled back slightly after closing at record highs at the start of the week. Signs that the economy is rebounding from its coronavirus-driven slump have buoyed investors and helped propel the major indexes to unprecedented levels this week. The rapidly progressing vaccination rollout, combined with both monetary and fiscal support, is aiding in the recovery of the labor market and the manufacturing sector. Money managers are betting that more of the economy will return to a normal footing soon and give a boost to travel and leisure companies.