Bitcoin

Fed’s ‘Critical’ Warning Raises Serious Warning of $50,000 Bitcoin Price Drop as $200 Billion Wiped Off Ethereum, XRP, Solana and Crypto

Published

7 months ago

4 July, 2024

Fed Chair Powell issues 'critical' warning, triggering Bitcoin price crash to $60,000, cryptocurrency plunge

Updated 04/07 below. This post was originally published on July 3rd

Bitcoin
Bitcoin
suddenly dropped to $60,000 per bitcoin after a Billionaire Bitcoin Buyer Reveals He’s Changed His Mind About Bitcoin.

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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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Forbes’ Groundbreaking Bitcoin Bill Introduced to Congress After Cryptocurrency Price CrashBy Billy Bambrough

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.

Update 04/07: The price of bitcoin and the cryptocurrency market have taken a massive tumble over the past 24 hours, with the price of bitcoin falling well below $60,000 and wiping out $200 billion from the combined cryptocurrency market since July 1. Ethereum and the rest of the mainstream market are down more sharply than bitcoin, with ethereum rival solana, the Telegram-linked toncoin and the meme-based dogecoin all down nearly 10% since yesterday.

“Bitcoin is breaking through significant technical and psychological levels at $60,000,” Markus Thielen, founder of 10x Research, wrote in emailed comments.

“This is a key level for bitcoin miners and buyers of bitcoin spot exchange-traded funds (ETFs), and also broadly marks the bottom (support) of the three-month trading range. Price declines could accelerate as support is broken and sellers struggle to find liquidity. Only ill-informed traders are willing to buy here. Breaking this support could trigger a sharp decline to the low $50,000s.”

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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Forbes’Replace the US Dollar’ – Legendary Tech Billionaire Issues Shocking Bitcoin Prediction Amid Ethereum, XRP, and Cryptocurrency Price SwingsBy Billy Bambrough

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.

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Bitcoin (BTC) Price Drops to 2-Month Low After Fed Meeting Minutes

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Bitcoin (BTC) Price Drops Below 200-Day Average; Bull Market Trendline in Focus

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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