Crypto markets were slightly green on Thursday morning as investors weigh the latest inflation readings and stock markets focus on the start of corporate earnings reporting season.
The broader digital asset market gained ground Wednesday after the December consumer-price index showed U.S. inflation up 7% year-over-year, a number not seen in nearly 40 years. The end of the pandemic has brought a surge in global inflation, thanks to shortages of available labor and raw materials, exacerbated by a supply-chain bottleneck.
Bitcoin is seen by many investors as a superior inflation hedge over traditional assets, such as gold. As supply chain issues continue to suffer, increased consumer prices could make Bitcoin gains more attractive to the average investor.
As the debate over macro-economics continues, Billionaire investor Mark Cuban took to twitter on Thursday, expressing why he believes bitcoin is not, and never will be, a hedge against inflation, calling the narrative a “marketing” slogan.
“Because gold is not an inflation hedge. That’s just a marketing slogan like it is for BTC,” he tweeted.
Cuban did praise Bitcoin as a good store for value and a safe haven in the crypto world, but criticized it as being difficult to trade. The Billionaire’s crypto holdings consisted of 60% bitcoin, 30% ether, and 10% other altcoins, as disclosed as of April 2021, according to CNBC.
In equities, the U.S. corporate earnings reporting season is expected to heat up on Friday with major banks including JPMorgan Chase due to report results. Bank stocks have seen a slight bump along with Stablecoin domance in the crypto market as investors presumably take a more risk-off approach.
Bitcoin was up 2.41% at $43,690 and Ethereum slighty higher at $3,345, up 3.45%. Top gainers over the past 24 hours include Moonbeam (GLMR) up 48.25% and Tribe (TRIBE) up 20.19%.
Meanwhile U.S. stocks put in a mixed performance Thursday morning as Federal Reserve Gov. Lael Brainard was testifying as part of her nomination hearing to become the vice chair of the institution.