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COMP, THE native token of Compound Finance, has seen its market price rise significantly on Wednesday, emerging as the top gainer of the day. According to data from CoinMarketCap, COMP is up by 13.24% in the last 24 hours as the bulls increase their control of the market. Initially, COMP began the week with a [...]
The post Compound (COMP) Bulls Strengthen Market Control With 13% Rally appeared first on Crypto Breaking News.
Politicians in the United States will likely strike a deal and raise the government’s $31.4 trillion debt ceiling for two more years. Amid this debate, the price of Bitcoin is firm but lower, tracking below the psychological $30,000 level as bulls recover after posting sharp losses mid-this week. The Debt Ceiling Debate There are reports that there will be more discretionary spending on the military and veterans with the reduction of other sectors. Moreover, there are unconfirmed reports that the Biden administration will likely not fund the Internal Revenue Service (IRS) to boost collection, as laid out earlier. Instead, the immediate focus will be to hire more auditors and target wealthy citizens. Related Reading: Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over? There are concerns that the Treasury Department and the United States government will default on their obligation as soon as the first half of June 2023. Even though highly unlikely, as the Treasury Department has said it will liquidate $119 billion of debt on that day, the market is watching how discussions pan out. Bitcoin is firming up after losses on May 24. As a deal is reportedly struck and consensus reached, politicians would once again lift the debt ceiling, sending mixed signals to the economy. Unlike in previous years when top cryptocurrencies were decoupled from the mainstream economy, things have changed as Bitcoin’s prominence rises. Will Bitcoin Benefit? BTC prices will likely rally if there is an instance of default brought about by politicians disagreeing on the way forward. On the reverse side, a deal that addresses concerns brought by the negotiating parties could signal confidence in the economy despite more debt on the table. This averts a crisis and keeps operations running, removing uncertainty and stabilizing the economy. In that case, the USD could strengthen, possibly reversing gains by Bitcoin bulls in the last two trading days. Still, the crypto community remains bullish on Bitcoin considering macroeconomic events and next year’s halving. After months of steady interest rate hikes, the United States Federal Reserve could slow down rate increments in the next meeting in mid-June. Their action could support the commodities and securities markets. Related Reading: Nigeria’s Federal Executive Council Approves Blockchain Policy At the same time, the expected supply shock following the halving of Bitcoin miner rewards could make BTC scarcer, driving prices even higher. Miners are special nodes tasked with confirming transactions and decentralizing the network. If past price action can be used to predict future formations, BTC’s prospects look positive. Before the rally of 2020 to 2021, BTC prices bottomed up in 2018 and rose in 2019 before the halving event 2020. The same pattern may be repeated through to 2024 when Bitcoin halving occurs. Feature Image From Canva, Chart From TradingView
The Federal Reserve Chairman has admitted to being blindsided by the sudden collapse of Silicon Valley Bank (SVB) despite being under their supervision. The collapse of SVB has prompted an internal investigation led by the Vice Chairman to look into the failure of the bank and the Fed’s regulation of it. The bank’s collapse has been linked to the Federal Reserve’s successive interest rate hikes and erosion of its long-term bonds. This has led to depositors requesting withdrawals en masse, causing a bank run, and the Federal Deposit Insurance Commission taking possession of SVB. (Read More)
Bitcoin (BTC) begins a new week with a bullish surge above $22,000 as the Federal Reserve injects liquidity into the United States economy. In a move which can rival any classic Bitcoin comeback, BTC/USD is up a full 15% off the two-month lows seen on March 10. The volatility — and at least temporary relief [...]
The post Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week appeared first on Crypto Breaking News.
Bitcoin trades sideways at the Wall Street open as all eyes are on the Fed and Chair Jerome Powell.
With the Merge resulting in a ‘buy the rumor, sell the news event,’ Mike McGlone thinks that ETH might drop to “$1,000, or even get a bit lower" given how hawkish the Fed has been.
Crypto prices drop are more likely as the Fed is set to announce interest rate hikes on Friday this week. (Read More)
Mr. Powell reiterated that the US Federal Reserve is preparing to increase interest rates this month, despite the uncertainty of Ukraine crisis remain. (Read More)
The U.S. Bureau of Labor Statistics’ consumer price index (CPI) report, released on Tuesday, reveals that inflation in the United States has eased to a yearly rate of 4%. The latest development arrives just ahead of the upcoming Federal Open Market Committee (FOMC) meeting scheduled for June 14. The prevailing market sentiment leans towards the [...]
The post US Inflation Cools to 4% Annual Rate, Setting Stage for Fed’s Decision on Interest Rates appeared first on Crypto Breaking News.
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