Bitcoin

‘Erosion by Stealth’ – IMF Issues ‘Stunning’ Warning of US Dollar Collapse as Fed Prepares Bitcoin, Ethereum and XRP for Crypto Price Boom

Published

7 months ago

15 June, 2024

Sudden US Dollar Collapse, 'Fear' Predicted to Trigger $15.7 Trillion ETF Gold Price Shift as Countries Go 'Dual Currency'

Bitcoin, along with other major cryptocurrencies, ethereum and XRP
XRP
soared even more this year (with an earthquake in China potentially poised to wreak havoc on the price of bitcoin).

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The price of bitcoin has just had a $4 trillion “watershed moment” while Ethereum, XRP and Other Top Coins Are Preparing for a Wall Street Bomb.

Now, after the Federal Reserve quietly admitted that gold is replacing the US dollarThe International Monetary Fund (IMF) has warned of a “surprising” decline in the US dollar’s share of foreign reserves allocated by central banks and governments.

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ForbesJanet Yellen Issues Serious $34 Trillion Warning as Bitcoin Expected to Soar to $1M PriceBy Billy Bambrough

The US dollar is suffering “stealth erosion”, according to the International Monetary Fund (IMF)… [+] as the Federal Reserve prepares for a new global liquidity cycle that could boost the price of bitcoin, ethereum, XRP and other cryptocurrencies.

getty

“Surprisingly, the reduced role of the US dollar over the past two decades has not been accompanied by increases in the holdings of the other ‘big four’ currencies – the euro, yen and pound,” said IMF economists Serkan Arslanalp, Barry Eichengreen and Chima Simpson-Bell wrote in a report.

“Instead, it was accompanied by an increase in the share of what we call non-traditional reserve currencies, including the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singapore dollar and Nordic currencies.” , they wrote, pointing to “new digital financial technologies such as automatic market creation and automated liquidity management systems” as drivers of this change.

“This recent trend is even more surprising given the strength of the dollar, which indicates that private investors have switched to dollar-denominated assets,” the economists added.

Earlier this month, the Federal Reserve Bank of New York wrote a report outlining the narratives around the “declining share of the dollar in official reserves and the increasing role of gold holdings by central banks”, which it says has been “inappropriately” generalized beyond “the actions of a small group of countries”.

However, some commentators disagreed with the New York Fed’s assessment of the situation.

“The Fed now admits that some countries are moving towards gold,” said technology investor and former Coinbase chief technology officer Balaji Srinivasan posted to X, pointing to what the Fed says is a “small group” that “represents 3 billion people. Therefore, 37.5% of the world is moving away from dollars towards gold.”

Former billionaire and All In podcast “best friend” Chamath Palihapitiya predicted that bitcoin could “completely replace gold” as countries adopt it –potentially pushing its market capitalization towards gold’s $15.7 trillion.

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ForbesLeak Reveals Joe Biden May Be Planning Crypto Coup Amid Bitcoin, Ethereum, and XRP Price SwingsBy Billy Bambrough

The price of bitcoin has surged this year, as the Federal Reserve prepares bitcoin, ethereum, XRP and… [+] crypto for a potential boom.

Forbes Digital Assets

Meanwhile, independent 2024 US presidential rival Joe Biden and Donald Trump Robert F. Kennedy Jr. warned that the only way to save the dollar is with bitcoin.

The US dollar’s fall comes as the Federal Reserve prepares to cut interest rates after a two-year war on inflation, following historic Covid-era stimulus and money printing.

“Central banks around the world have already started cutting rates, which suggests a broader trend of monetary easing,” analysts at bitcoin and crypto exchange Bitfinex wrote in emailed comments.

Fed Chairman Jerome Powell indicated this week that the Fed will cut rates at least once this year, after the European Central Bank (ECB) moved to cut interest rates in the euro zone earlier this month.

“It seems clear that the Bank of England and Federal Reserve will follow suit in the coming months,” the Bitfinex analysts added. “The global liquidity cycle indicates that the money supply is likely to increase, which could support asset prices, including cryptocurrencies.”

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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.

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Bitcoin

What to watch for in the markets

Published

6 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.

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Bitcoin

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

Published

6 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.

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Bitcoin

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

Published

6 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).

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Bitcoin

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

Published

6 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.

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Cryptocurrency Charts by TradingView.

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