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Bitcoin lunch: Price of BTC and crypto drops. Craig Wright inflation rate

We take a look at the live Bitcoin (BTC) price and the prices of the top 25 crypto during lunch, of course. Then we share the latest juice around ‘Faketoshi’ Craig Wright, analyze whether BTC is a hedge against inflation, and analyze the Bitcoin price.

We begin, of course, with the live Bitcoin (BTC) price and the prices of the top 25 crypto.

Live bitcoin (BTC) price and prices top 25 crypto drop

At the time of writing, the live Bitcoin (BTC) price is quoting EUR 22,208.21 ($22,774.05). This is 2.06% lower than during our Bitcoin lunch yesterday.

The prices of the top 25 crypto are also falling. Apart from the stable coins, only Cronos (CRO) records a gain of 7.05%. The other prices turn red. Polkadot (DOT) is currently losing the most with 9,05%. On the site of you can analyze all live crypto prices 24 hours a day.

‘Faketoshi’ Craig Wright ridiculed and under fire

Craig Wright claims to be the man behind the pseudonym Satoshi Nakamoto. Because of the many controversies surrounding that claim, he earned the unflattering nickname “Faketoshi. Last year, however, he won a legal victory that could serve as justification for his claim. He immediately lashed out at those who questioned it.

He also started a lawsuit against influencer Peter McCormack. From this came a ruling that can be seen as a slap in the face to Wright. The judge admittedly ruled in favor of his claim of reputational damage. However, because Wright had submitted partly false claims for damages and partly vague claims, the damages were limited to 1 British Pound. Both parties are dissatisfied, so there will undoubtedly be an appeal.

With that, it threatens to be a busy legal year for Wright as he is now also accused of plagiarism when writing his PHD thesis in 2017. This case, too, is bound to be prosecuted.

Does Bitcoin (BTC) offer inflation protection or not?

The question of whether or not Bitcoin (BTC) offers protection against inflation has been keeping experts busy for some time. Today, BTC analyst Steven Lubka takes a stab at it.

He argues that Bitcoin is a defense against inflation only in certain circumstances. He argues that there are 2 forms of inflation. The first form of inflation arises because governments print money without additional collateral. The second form of inflation, in his view, arises because of scarcity of goods. In the podcast below, he explains this situation and what it means for Bitcoin (BTC).

When the U.S. government printed huge amounts of money in the fight against Covid19 and others, Bitcoin (BTC) rose to record prices. On the other hand, when the war in Ukraine, among other things, created scarcity, the BTC price fell sharply. From this, Lubka concludes that the Bitcoin only offers protection against so-called monetary inflation as outlined in situation 1.

These are the Bitcoin (BTC) key prices in the short term

Currently, Bitcoin (BTC) appears to be consolidating bearishly, but there are some things happening in the background. For example, a new whale is active. As of July 15, this whale filled his or her wallet with 15,499 BTC in 3 days. After that, purchases continued at a steady pace. Meanwhile, the wallet of this whale amounts to 132,878 BTC. Obviously, this wave of purchases is bullish as it leads to more demand, but there is also some skepticism as no one knows who or what entity is behind the wallet. With that, the question is what the owner’s intentions are. After all, a dump of so many BTC could push the price down considerably.

Looking at the short-term key prices, we see that the RSI rose above 50. In addition, the Bitcoin (BTC) price finally broke above $21,750, turning this former resistance into support. In the short term, the Bitcoin price may test this support, after which there is room for further growth. Serious resistance can only be found at the 0.382 FIB level at $29,370.

Incidentally, there are also smaller support levels at $22,250 and $22,700. Based on the Fibonacci analysis, the Bitcoin (BTC) price seems to have started the third wave of 5 upward movements. Thus, this allows us to look bullish ahead. A price below $22,2230 could interrupt this upward wave, but even then the outlook after a correction remains optimistic.

Want to stay up to date with the latest price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. So it could be an exciting afternoon.

Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide rationally if, when, what and how much you want to invest in.

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