Musk Unveils xAI, Solid CPI Data Fails to Rally Bitcoin

Written by BTSE

July 13, 2023

Trending Tokens on BTSE:

24h %





(as of  3:45 AM UTC, July 13, 2023) 


At the beginning of the trading day in Asia today, traders found Bitcoin (BTC) to be largely unmoved from the night before. This might come as a surprise to some analysts, as the June CPI data released overnight showed that June’s consumer prices had only increased by an average of 3% – a third of the increase experienced a year earlier in 2022, and significantly closer to the US government’s target of 2%.

Bitcoin, however, despite a short-lived rally where its price briefly touched $31k, has remained stable at around US$30k, a point of resistance Bitcoin has held at since mid-to-late June.

Ethereum (ETH) experienced a similar trend – and showed little to no reaction to the strong CPI figures released in the US last night. Ethereum remains strong at around $1.8k, a point it has held strong at since last month.

In other news, the US government was noticed to have moved US$300 million worth of Bitcoin over the last 24 hours. This movement was spotted in on-chain data from wallets known to be linked to the US Department of Justice, and the Bitcoin in question originates from the Silk Road seizure of cryptocurrency by the US government. Some analysts have linked the selling pressure caused by these movements to have counteracted any upward movement set in motion by the positive CPI data.

Meanwhile, Elon Musk last night announced OpenAI competitor xAI. AI has been at the center of attention for some time now, following the immensely popular ChatGPT – but as a crypto-positive public figure, Musk’s announcement of his own AI company has pushed AI-related tokens up in a way that announcements from other AI companies have not.

Google Play also released some bullish news for blockchain enthusiasts last night. The platform revised its policy on ‘Tokenized Digital Assets’ – in essence, the new policy allows developers to implement features that allow users to buy, sell, and earn from in-game NFTs. The policy also includes rules such games and apps must adhere to in order to offer this functionality.


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