Bitcoin
Bitcoin (BTC) Prices Post Biggest Gain in 2 Months as Markets Anticipate a “Summer of Easing”
Bitcoin (BTC) posted its biggest single-day gain in nearly two months on Wednesday, as weak U.S. economic data raised the likelihood that the Federal Reserve (Fed) will join its advanced country peers in easing monetary policy with rate cuts. rates during the summer months.
According to data sources TradingView and CoinDesk, the leading cryptocurrency by market cap rose more than 7.5% to $66,250, the biggest percentage increase since March 20. Like other risk assets, BTC is sensitive to expected changes in the monetary policy stance of major central banks and recovers when the cost of borrowing fiat currency is predicted to decline.
Data released by the US Department of Labor on Wednesday showed the consumer price index (CPI) increased less than consensus estimates in April, signaling a further decline in the cost of living in the world’s largest economy. The headline CPI rose 0.3% last month, after advancing 0.4% in March and February. The core CPI, which excludes food and energy prices, rose 0.3% in April, after rising 0.4% in March.
Other data showed this headline retail sales growth stagnated in April, with sales in the “control group” category, which contributes to the GDP calculation, falling 0.3% month-on-month.
As such, rate reduction expectations have changed significantly. Fed Funds Futures Show Investors expect the Fed to make its first 25 basis point rate cut in September. (This year’s summer is set to begin on June 20th and ends on September 22nd). The Fed recently signaled that it will reduce the pace of quantitative tightening, also a liquidity tightening tool, starting in June.
It’s not just the Fed. Markets wait the Bank of England (BOE) and the European Central Bank (ECB) will cut rates in June. O Swiss National Bank (SNB) and Sweden Riksbank have already reduced their benchmark financing costs.
Central banks around the world are moving towards further monetary or liquidity easing, which is a positive sign for risky assets, including cryptocurrencies, as evident in the chart below from data tracking site MacroMicro .
The percentage of global central banks whose last move was a rate hike is falling rapidly, while the percentage of banks that cut rates as their last move is rising.
In other words, the net percentage of central bank rate cuts is increasing.
“The higher the ratio, the more central banks are cutting rates, which could help improve market liquidity. The lower the proportion, the less liquidity there is in the market”, MacroMicro said in the explainer.
The prospects for easing liquidity over the summer should support equities, giving investors adequate confidence “to remain further down the risk curve”, according to Pepperstone brokerage.
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.
Bitcoin
‘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.
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.
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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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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.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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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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