Bitcoin

BlackRock CEO issues ‘huge’ warning after cryptocurrency turnaround that fueled Bitcoin, Ethereum and XRP price boom

Published

9 months ago

16 July, 2024

BlackRock CEO issues 'huge' warning after cryptocurrency turnaround that fueled Bitcoin, Ethereum and XRP price boom

Updated 7/16 below. This post was originally published on July 14

US Treasury Secretary Janet Yellen has warned that countries around the world are moving away from the US dollar:as US debt spiral of $34 trillion fuels fears of collapse—with bitcoin and cryptocurrencies slowly chipping away at the dollar’s dominance.

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 skyrocketed over the past year, rising despite a “critical” warning from the Federal Reserveand assisted by bettors who are increasingly confident that former US President Donald Trump will retake the White House in November.

Now, as Project 2025’s radical policy plan puts bitcoin on a collision course with goldYellen said she fears that U.S. financial sanctions will reduce the dollar’s role around the world as Russia encourages the use of bitcoin and 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

ForbesA warning of an imminent stock market “correction” suddenly flashed red — just as the S&P 500, Dow and Nasdaq hit all-time highsBy

US Treasury Secretary Janet Yellen has warned that the US dollar’s dominance will continue to wane as… [+] Russia moves towards bitcoin and cryptocurrencies despite price swings.

AFP via Getty Images

“We have very powerful sanctions that are available because of the important role of the dollar in international transactions,” Yellen said. counted US lawmakers on the House financial services committee this week.

“The more we use sanctions, the more countries look for ways to engage in financial transactions that do not involve the dollar.”

Update 7/16: BlackRock Chief Executive Larry Fink, whose move to cryptocurrencies last year spearheaded the successful push to bring spot bitcoin exchange-traded funds (ETFs) to Wall Street, has warned about the pace of U.S. debt growth.

“We are putting a real burden on our children with this huge expense that we cannot afford,” Fink counted CNBC, urging the U.S. and countries around the world to pursue economic growth. “The U.S. deficit is the largest in the world, growing at the fastest rate in the world, and we need to find ways to minimize the role of the deficit in the economy. Government deficits are growing too fast as a percentage of GDP.”

Earlier this year, analysts at Bank of America warned that U.S. debt is poised to increase by $1 trillion every 100 days.fueling a rise in the price of bitcoin.

“The U.S. national debt is increasing by $1 trillion every 100 days,” Michael Hartnett, Bank of America’s chief strategist, wrote in a note to clients, adding that “it’s no wonder that ‘debt write-down’ talks are raging.” [are] approaching historic highs.”

Last month, analysts at BlackRock, the world’s largest asset manager, warned that an “unprecedented” scenario is unfolding that could hit the price of bitcoin and the cryptocurrency market as the Federal Reserve and central banks “are forced to keep interest rates higher than before the pandemic to address persistent inflationary pressures.”

Fink also admitted he was wrong about bitcoin and called it a “legitimate” financial instrument after labeling bitcoin “an index of money laundering” in 2017.

“It’s a legitimate financial instrument that allows you to have maybe a kind of uncorrelated return,” Fink told CNBC. “I think it’s an instrument that you invest in when you’re most scared, though. It’s an instrument when you think countries are devaluing their currencies because of excessive deficits, and some countries are.”

BlackRock’s embrace of bitcoin is widely credited with driving the price of bitcoin and the cryptocurrency market’s recovery last year, with a fleet of spot bitcoin ETFs exploding on Wall Street in January and led by BlackRock’s IBIT bitcoin fund.

The United States has imposed severe financial sanctions on Russia and Iran in recent years, leading to accusations that it is weaponizing the dollar and cutting the so-called BRICS group of emerging economies off from the Western financial system.

The BRICS, initially made up of Brazil, Russia, India and China, before being joined by South Africa and then Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE).
iShares MSCI UAE ETF Capped
), are large developing countries that have formed an alliance to increase their power and influence on the world stage.

The US-led Western financial sanctions “will have a certain impact on the international status of the US dollar,” said Zhao Qingming, a Beijing-based financial expert. counted China’s Global Times newspaper said: “In the short term, the US dollar’s position is expected to remain stable, but over time, its position may weaken.”

Earlier this month, Russia’s central bank encouraged the use of bitcoin and cryptocurrencies to counter Western sanctions imposed over the conflict in Ukraine.

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesProject 2025 Sets Bitcoin Up for a $16 Trillion Price Showdown With GoldBy

The price of bitcoin has fluctuated wildly in recent years, recovering as fears grew about the future of the … [+] American dollar.

Forbes Digital Assets

“New financial technology creates opportunities for schemes that did not exist before. That is why we have softened our position on the use of cryptocurrencies in international payments, allowing the use of digital assets in such payments,” Elvira Nabiullina, Governor of the Central Bank of Russia, said. supposedly said at a financial conference in St. Petersburg.

Fresh fears of a US dollar collapse emerge as some bitcoin and cryptocurrency traders bet that the price of bitcoin will hit an all-time high ahead of the US election in November.

In a note dated July 2 visa Per The Block, Standard Chartered’s head of forex and crypto research Geoffrey Kendrick predicted that “a new all-time high for bitcoin in August is likely, and then $100,000 by US election day,” adding: “The logic here is that both regulation and mining would be viewed more favorably under Trump.”

Kendrick said he expects to see the price of bitcoin reach $150,000 by the end of 2024 and $200,000 before the end of 2025, which would give bitcoin a market cap of around $4 trillion.

Trump has emerged as the preferred candidate of the bitcoin and cryptocurrency community, promising to protect people’s right to own bitcoin and being announced as a keynote speaker at the Bitcoin 2024 conference later this month, putting him at sharp odds with the Biden administration’s anti-crypto stance.

Fuente

Up Next

Struggling Bitcoin Miners Seek Deals with AI Firms

Don't Miss

Bitcoin Miner Northern Data Moves to Dismiss Whistleblower Lawsuit by Former Employees

SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

Fuente

Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

Fuente

Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

Don’t miss a beat – Subscribe to receive email alerts directly to your inbox

To check Price action

Surf Hodl’s Daily Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3

Fuente

Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

Source: TradingView SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).

LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts by TradingView.

Fuente