Bitcoin
Stick with Bitcoin, Says 10x Survey After Fed Predicts Just One Rate Cut for 2024
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BTC tends to rise after softer than expected CPI releases, said 10x.
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The Fed will eventually signal more rate cuts, the research firm added.
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ETF flows resumed on Wednesday as US inflation was lower than expected.
10x Research continues to defend bitcoin even as the top cryptocurrency trades under pressure following the Fed’s aggressive interest rate projections.
On Wednesday, the US central bank left the benchmark borrowing cost unchanged in the range of 5.25% to 5.5%, as expected. however foreseen just one rate reduction this year, down from three in March. Given the softer-than-expected CPI release earlier in the day, the Fed’s new rate forecast likely spooked markets, causing bitcoin to fall.
The leading cryptocurrency by market cap has retreated to $67,400 since the Fed released rate projections, reversing the post-CPI jump to $70,000. CoinDesk data shows.
Yet, 10x Research maintains a positive outlook on bitcoin, expressing confidence that the rally will resume soon.
“Our recommendation remains unchanged: stick with the winners (Bitcoin) and avoid others (like Ethereum). Our previous analysis has shown that a lower CPI number tends to push Bitcoin prices higher, and we anticipate this trend will continue,” Markus Thielen, founder of 10x Research, in a note to clients on Thursday.
The US consumer price inflation rate remained stable in May, missing the consensus estimate of a 0.1% increase and below the 0.3% in April. The year-on-year rate was 3.3%, corresponding to estimates and below the 3.4% in April.
Bitcoin price trend tends to change direction based on US CPI numbers. (10x)
According to Thielen, slowing inflation has historically attracted huge inflows into US-listed spot bitcoin exchange-traded funds. Provisional data for Distant investors show that ETFs accumulated $100 million on Wednesday, snapping a two-day streak of outflows.
Thielen explained that ETF flows dried up after their debut on Jan. 11 when the December CPI rose, weakening the case for Fed rate cuts. Flows resumed in February, pushing bitcoin higher.
“ETF flows turned positive in late January, but only began to accelerate slightly before the CPI data was released on February 13. But when inflation rose again to 3.2% on March 12, flows Bitcoin ETFs stopped when the market priced in the narrative of 2-3 rate cuts,” Thielen noted in late May.
Thielen expects the Fed to signal more rate cuts later this year as inflation has already peaked.
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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