Bitcoin hedge failing against inflation; New Bitcoin NFT released

Highlights

  • Although Bitcoin’s price has risen slightly in the past 24 hours, its price is still down considerably from last week
  • A Bitcoin NFT has been released, combining the art of a thousand different artists to make 21 million unique collages
  • Jasmy Coin this week jumped from US$0.15 to US$0.27 in the space of just a few hours

Bitcoin Hedge Failing

Speculation that Bitcoin could be used as a hedger against rising inflation rather than gold is looking increasingly unlikely with Bitcoin continuing to tumble in price.

Although Bitcoin’s price has risen slightly in the past 24 hours, its price is still down considerably from last week, having dropped from just above US$60,000 to its current price of US$57,531.

In October, US inflation figures were released, showing a 6.2 percent increase in cost of living.

The news was quickly followed by an increase in the price of Bitcoin, which reached a new all-time high of around US$69,000 on November 11.

However, since then, Bitcoin has dropped nearly 20 percent, putting a dent in the inflation-hedge narrative.

Bitcoin’s recent decline has also been attributed to the strengthening of the US dollar, with the Dollar Currency Index making new highs in 2021.

Bitcoin’s sell off could also mean that some of that money is being funnelled to altcoins. Avalanche Token and Zcash Token are two altcoins which have bucked the downward trend in the past week.

Bitcoin NFT

A Bitcoin NFT has been released, combining the art of a thousand different artists to make 21 million unique collages.

The founder of the project, who has chosen to remain anonymous, says he was driven to create the project to get as many people as possible involved in the NFT space.

The few million NFTs are set at a price designed to make it as accessible as possible for as many people as possible.

As such, the Bitcoin NFTs are priced at US$1000 each.

The millions of variations of these NFTs is making it by far the largest digital asset project to exist to this day.

The project is available from Bitcoinnft.org and is sure to gain traction quickly.

Altcoin News

An altcoin project developed by several former top Sony executives is making waves after gaining support from top crypto exchange Binance.

JasmyCoin, which is built on the Ethereum platform, this week jumped from US$0.15 cents to US$0.27 cents in the space of just a few hours.

JasmyCoin’s native token, JASMY, allows holders to profit from their own aggregate user data.

The token also serves as the central currency on a platform that allows users to sell information generated by Internet of Things (IoT) devices to corporate enterprises.

The coin was priced at around US$0.20 cents at the rime of writing.

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Source: Coinmarketcap.com, based on top 100 cryptos.

Image Source @ 2021 Kalkine Media

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