Bitcoin

Big Bitcoin Price Swings Expected in July as Traders Eye US Economy

Published

10 months ago

1 July, 2024

Bitcoin Rebounds 5% as Analysts Argue Mt. Gox Fears Are Overblown

Bitcoin could be in for a rocky start this month as traders look to second-guess U.S. economic activity amid a persistent inflation climate and a Big Tech-fueled stock market rally.

U.S. real gross domestic product (GDP) jumped at an annual rate of 1.4% in the first quarter of 2024, according to the third estimate published by the Bureau of Economic Analysis.

Thursday’s figures contrast sharply with results from the fourth quarter of last year, which showed U.S. economic activity had increased by 3.4%.

Data from the agency also showed that May’s personal consumption expenditure index, a key indicator of inflation, fell to an annual increase of 2.6%, down from 2.7% in April.

“This slowdown suggests a potential economic slowdown,” said Jag Kooner, head of derivatives at Bitfinex. Decipher. “Looking ahead to July, market participants should be wary of a return to volatility as additional regulatory developments and macroeconomic policies will play a crucial role.”

In cryptocurrencies, this could increase interest in Bitcoin and other digital assets as alternative investments if traditional markets show signs of weakening, Kooner added.

A slowing economy could also prompt the U.S. Federal Reserve to start cutting rates this year. The Fed has kept interest rates high in an attempt to manage price stability and prevent economic overheating.

Cheaper, lower-rate loans could flow into risky assets including Bitcoin, analysts say.

“Historical trends indicate that during economic downturns, investors often turn to Bitcoin as a store of value,” said Kooner.

More clues about Fed policy are expected at the next Federal Open Market Committee meeting, scheduled for July 30th and 31st. Meanwhile, futures traders are pricing two rate cutsexpected in the last quarter of this year.

While some anticipate greater volatility in July, others remain skeptical.

“July will be a period of consolidation and low volatility,” said Pratik Kala, head of research at crypto fund manager DigitalX. Decipher. “Bitcoin is looking for the next big catalyst for an upward move. None are on the horizon, but that is expected to change as we approach the US elections.”

Seasonality is also important. The third quarter is seen as a period of low volatility, since most top U.S. decision-makers are typically on vacation, Kala added.

The world’s largest cryptocurrency hit its highest point in a week on Sunday night, nearing $63,700, CoinGecko data shows. Bitcoin is down 14% from its March all-time high near $73,800.

Edited by Stacy Elliott.

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Bitcoin

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Published

9 months ago

1 August, 2024

Financial Block Staff

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.

The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

9 months ago

1 August, 2024

Financial Block Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

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ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin

Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise

Published

9 months ago

1 August, 2024

Financial Block Staff

Bitcoin Mining Profitability Surges in June as Market Adjusts for Halving: Jefferies

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CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

Published

9 months ago

1 August, 2024

Financial Block Staff

Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.

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