Bitcoin price fluctuations are actually affected by a variety of factors, such as no matter who wants to buy BTC, they have to exchange for the US dollar, and eventually buy in US dollars, but the fluctuation of the US dollar itself will also cause the price of Bitcoin to fluctuate. In addition, Bitcoin mining, Bitcoin trading, and even the Twitter statements of financial giants can cause bitcoin prices to fluctuate.
Recently, the price of Bitcoin has fluctuated significantly. Expectations of the Fed raising interest rates have reduced the attractiveness of holding speculative assets such as Bitcoin. Looking back, the price of bitcoin fell sharply in 2017 and 2018 when the Fed took action to raise interest rates; during the COVID-19 epidemic, the price of bitcoin "took off" again due to the general ultra-loose monetary policy of various countries, and hit a record high of $67,802 on November 9 this year.
In this eleven-year period, Bitcoin has gone from worthless to a maximum price of more than $60,000, and its rise multiple can be said to be astronomical. Even if there is a sudden change in the bitcoin bull market this year, bitcoin fell to more than 30,000 US dollars a piece, but the overall price is still very impressive, which is why bitcoin is now called digital gold.
According to the latest consumer survey by the New York Fed, U.S. consumers' inflation expectations for the coming year rose to a new high of 6 percent. The survey also showed that the three-year inflation forecast fell to 4 percent for the first time since June, largely driven by expectations from respondents without a college degree. However, in both the short and long term, levels of inflation uncertainty are rising and have reached record highs. The result underscores the unpredictability of the recent inflation spike that has surprised the Fed and most economists. The Fed may announce accelerated reductions at its next policy meeting.
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