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Bitcoin’s recent performance: On Tuesday, Bitcoin regained $91,000 after dipping below $85,000 the previous day. Despite today’s bounce, it remains lower than its early-October peak of nearly $124,000, influenced largely by deleveraging among traders with highly leveraged positions.
Macro factors impacting Bitcoin: Concerns over potential interest rate hikes in Japan and the financial health of Strategy (formerly MicroStrategy), a major Bitcoin holder, have contributed to market volatility. Research from Benchmark suggests Strategy would need Bitcoin to drop to $12,700 before facing significant funding issues.
Economic trends: Recent data indicates the wealthiest 10% of Americans account for nearly half of consumer spending, while food costs have surged by 35% since 2021, pushing grocery costs to around $200 for what was $130 four years ago. The widening wealth gap is leading to a two-track economy, with job security becoming a notable concern for lower- to middle-income households.
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