Bitcoin

Janet Yellen Issues Serious $34 Trillion Warning as Bitcoin Predicts Rising to $1M Price

Published

8 months ago

31 May, 2024

Janet Yellen Issues Serious $34 Trillion Warning as Bitcoin Predicts Rising to $1M Price

Update 5/28 below. This post was originally published on May 27

Bitcoin
Bitcoin
increased in the last year thanks to an earthquake on Wall Street It is rising expectations of a conciliatory shift from the Federal Reserve.

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The price of bitcoin is currently trading at around $70,000 per bitcoin, a nearly 400% increase from FTX’s post-collapse lows in late 2022.with the market primed for what will likely be a game-changing 2024 presidential election.

Now, after a legendary trader predicted the Federal Reserve would restart its money printer later this yearTreasury Secretary Janet Yellen has issued a sobering warning about the growing $34 trillion U.S. debt pile that some think could catapult the price of bitcoin to $1 million in the next 18 months.

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Forbes’A Slow, Painful Death’ – Donald Trump Accuses Joe Biden of Trying to Kill Bitcoin and Crypto By Billy Bambrough

US Treasury Secretary Janet Yellen warned that higher interest rates from the Federal Reserve will… [+] increase the cost of servicing US debt – something some think could catapult the price of bitcoin upwards.

Getty Images

“We raised the interest rate forecast,” Yellen counted Bloomberg on the sidelines of a Group of Seven meeting for finance ministers and central bank governors in Italy. “That makes a difference. It makes it a little more challenging to keep deficits and interest expenses under control.”

Interest payments on US debt are expected to reach $870 billion this year, according to a recent report. analysis by the Congressional Budget Office, after rising inflation led the Federal Reserve to raise interest rates at a pace never seen before, in the wake of the massive spending and money printing of the Covid era.

“There is a huge hole and a loss that needs to be realized,” said Jack Mallers, chief executive of payments app Bitcoin Strike. counted Anthony Pompliano, influencer and YouTuber. “That loss will come through currency devaluation. Asset prices will go up and what is the best asset and the best performing asset? What is the best money in the history of mankind? And so I think that has to be priced with precision .”

Mallers said he believed people “would be willing to pay $250,000 for a bitcoin” as a result of the weakening of the US dollar by the Fed’s money printing.

Update 5/28: Former US President and 2024 Republican hopeful Donald Trump has reportedly asked if bitcoin could be used to solve the US national debt problem, according to to reporter Colin Wu. David Bailey, chief executive of Bitcoin Magazine and cryptocurrency adviser to the Trump campaign, reportedly made the comments during a live broadcast Sunday on X.

“Bailey revealed that the first time he met Trump, he asked if bitcoin could do anything about the $35 trillion debt,” Wu posted. “Bailey responded that he had some ideas but was not prepared to discuss this issue during the first meeting.”

After the price of bitcoin rose late last week in response to positive legislative developments in Washington, Bailey posted to

Bailey is among a group of bitcoin and cryptocurrency entrepreneurs, developers and influencers who have supported Trump in recent weeks following his new support for crypto.

Trump, who recently began accepting donations for crypto campaigns after making millions of dollars selling crypto-based digital trading cards, said President Joe Biden wants bitcoin and crypto in the US to “die a slow, painful death.”

“I am very positive and open-minded about cryptocurrency companies and all things related to this new and burgeoning industry,” Trump said. posted to Truth Social, the X social media clone he launched in 2022.

“I think we’re still early in the history of bitcoin,” said Mallers, who was involved in El Salvador’s historic 2021 bitcoin adoption experiment. this cycle. So now I’m talking about the next 10 to 18 months.”

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Forbes ‘Crucial’ Biden and Fed Flip Predict Triggering $20 Trillion Earthquake in Bitcoin Price That Boosts Ethereum, XRP and CryptoBy Billy Bambrough

The price of bitcoin has soared over the past year, surpassing its previous record high.

Forbes Digital Assets

Earlier this year, analysts at Bank of America warned that the US debt load is about to increase to add $1 trillion every 100 days.fueling a rise in the price of bitcoin.

“The US national debt is increasing by $1 trillion every 100 days,” wrote Michael Hartnett, chief strategist at Bank of America, in a note to clients. visa by CNBC, adding that “it’s no wonder ‘debt degradation’ trades have approached all-time highs, i.e. gold [at] $2,077/oz [and] Bitcoin [at] $67,734.”

Hartnett predicted that the newly created spot bitcoin exchange-traded funds (ETFs) that have taken Wall Street by storm over the past month are on track for a “boom year,” in part because of the collapse of the U.S. dollar.

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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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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.

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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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