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With the US Consumer Price Index results going slightly above economists’ expectations, it looks as if there is minimal impact to Bitcoin’s price action. The alpha crypto has reclaimed the $70k level despite a brief correction hours after the CPI release. Analysts are suggesting that the higher-than-expected inflation numbers could prove to be favorable for Bitcoin in the long-term.
A new liquid staking yield option is in town: stBTC, a Bitcoin Liquid Staking Token (LST). This new token is the result of a collaboration between Nomic and Babylon, working with a non-custodial approach to allow stBTC to move across IBC-compatible chains, remaining liquid while earning periodic rewards for stakers, similar to what Lido’s stETH for Ethereum does.
On the macro level for liquid staking, a recent report from crypto research firm Kairos highlights the importance of liquidity for the longevity of the liquid staking ecosystem, particularly for EigenLayer’s Liquid Restaking Tokens (LRTs). The report suggests that incentives from protocols using EigenLayer’s shared security structure and liquid restaking protocols could play a crucial role in maintaining a healthy LRT ecosystem, especially after EigenLayer enables withdrawals.
- Bitcoin shrugs off CPI results and reclaims the $70,000 price level
- Liquid staked bitcoin provides new yield option for BTC holders
- Liquid staking ecosystem longevity relies on token liquidity: Kairos Research
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Bitcoin shrugs off CPI results and reclaims the $70,000 price level
The US Consumer Price Index (CPI) climbed 3.8% on an annual basis, exceeding economists’ expectations by 10 basis points. This higher-than-anticipated inflation reading has created uncertainty among analysts regarding the Federal Reserve’s approach to rate cuts in 2024, which could directly impact the…
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