Bitcoin
Fed Chair Powell issues ‘critical’ warning, triggering Bitcoin price crash to $60,000, cryptocurrency plunge
Bitcoin
Bitcoin
suddenly dropped to $60,000 per bitcoin after a Billionaire Bitcoin Buyer Reveals He’s Changed His Mind About Bitcoin.
Bitcoin price has been struggling over the past month, falling nearly 15% as fears of a “real correction” grow.
Now, after one of bitcoin’s biggest bulls said the cryptocurrency could eventually replace the US dollarFederal Reserve Chairman Jerome Powell warned of a “critical period” for the Fed, calling deficit levels “unsustainable.”
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US Federal Reserve Chairman Jerome Powell warned that the Fed is facing a “critical” period that could… [+] cause chaos in the price of bitcoin.
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“The level of debt we have is completely sustainable, but the path we are on is unsustainable,” Powell said during the European Central Bank conference on Portugal. reported by the Financial Times, adding that the Biden administration was taking excessive risks by “running a very large deficit at a time when we are at full employment” and said that “it is not possible to maintain these levels in good economic times for very long.”
In May, Treasury Secretary Janet Yellen issued a sobering warning about the US’s spiraling $34 trillion debt that some think could help drive the price of bitcoin to $1 million in the next 18 months.
Bitcoin, cryptocurrency and stock market traders have been closely watching the Fed for signs it will start cutting interest rates in recent months, with analysts forced to scale back expectations from around seven cuts in 2024 to just one or two.
“Getting the right balance in monetary policy during this critical period is really what I’m thinking about in the early hours,” Powell said in response to a question about his main concerns, the AP reported. reported.
Last month, the Federal Reserve left interest rates unchanged and signaled it would make just one cut in 2024, with more cuts in 2025. The Fed is under pressure to cut interest rates after raising them at a record pace following massive Covid-era stimulus spending and money printing that sent inflation spiraling out of control.
“Powell said the U.S. was back on a ‘disinflationary path,’ but added that more data was needed before the Fed would consider cutting rates,” Russ Mould, chief investment officer at AJ Bell, said in emailed comments. “The last sentence sounds a bit like a broken record as far as the market is concerned, so the most important part of Powell’s speech was the reference to disinflation, as investors interpreted that as a stronger case for cutting rates soon.”
Eyes now turn to the release of the Fed’s June meeting minutes on Wednesday and Friday’s jobs report, which could “cement” expectations for a September interest rate cut if it shows hiring has slowed.
“A weaker-than-expected jobs report on Friday, if it comes through, would likely further cement the case for such a cut, which markets are assigning a roughly 70% chance of happening — perhaps slightly lower than expected,” said Michael Brown, senior research strategist at Pepperstone. counted Market observation.
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The price of bitcoin has fallen from its recent peak of over $70,000 per bitcoin.
Forbes Digital Assets
The higher-for-longer interest rate environment has triggered a warning from analysts at the world’s largest asset manager, BlackRock, who said an “unprecedented” scenario is unfolding that could hit the price of bitcoin and the cryptocurrency market.
“We see central banks forced to keep interest rates higher than before the pandemic to address persistent inflationary pressures,” said analysts at BlackRock, which helped engineer a boom in the price of bitcoin this year. leading a bitcoin exchange-traded fund (ETF) revolution on Wall Streetwrote in a report.
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.
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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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