Bitcoin
Bitcoin (BTC), Ether (ETH) lose as US stagflation fears market
Crypto markets are in the red amid renewed fears of stagflation in the US, a worst case scenario for risky assets.
Bitcoin (BTC)the leading cryptocurrency by market cap, was trading close to $62,400 at press time, down 2.5% on a 24-hour basis, according to data from CoinDesk indices. Ether (ETH) traded 3% lower at $3,200, and the CoinDesk20 (CD20)a measure of the most liquid digital assets, fell 2.6% to 2,197 points.
The market appears to be on the precipice right now as it debates which direction to take, with significant bullish and bearish narratives on the horizon.
As QCP wrote in a note over the weekend, the threat of stagflation – a period of high inflation and low growth – is very real.
“Weaker than expected [U.S.] The GDP print points to a slower economy, while the higher Core PCE warns of an inflation problem that continues to be a thorn in the Fed’s side,” QCP wrote.
Last week’s US GDP report showed that the world’s largest economy grew at a annualized rate of 1.6% in the first quarter of this year, after growth of 3.4% in the previous quarter. Meanwhile, the personal consumption expenditures (PCE) price index, the Fed’s preferred inflation metric, showed that prices rose at an annualized rate of 3.4% in the first three months of the year, up from 1.8% in the first three months of the year. last quarter of 2023.
The stagflationary combination of a slower growth rate and sticky inflation has further weakened the likelihood of Fed rate cuts.
Most traders on the Polymarket prediction market platform still see no rate cuts as the most likely scenario, with a 35% chance of this happening, but the chance of a rate cut is increasing, now at 29% versus 26% a week ago and 14% at the beginning of the month.
QCP also wrote that Janet Yellen’s fiscal strategy, leveraging the Treasury General Account (TGA) – which holds close to $1 billion in assets – and the $400 billion Reverse Repurchase Program (RRP), could inject up to $1.4 trillion in liquidity into the financial system by increasing all risk assets.
As CoinDesk’s Omkar Godbole wrote last weekThe key to a continued Bitcoin bull market is the US Treasury’s imminent quarterly reimbursement announcement, which maintains or reduces the current TGA balance of $750 billion.
This $750 billion TGA figure is critical because it serves as a significant signal to financial markets about the US government’s fiscal intentions, profoundly impacting economic stability and growth.
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.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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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.
Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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