David Kelly – Asset Management Chief Global Strategist for JP Morgan Chase – said it’s time for the Federal Reserve to quit hiking interest rates if it wants to keep the U.S. economy intact. Having “won” its war against inflation, the analyst claimed that the central bank now risks tipping the economy into a recession. ...Read More
The consumer price index excluding food and energy (core CPI) numbers will be released by the United States government on Thursday, January 12. Although the most recent months saw a decline in the inflation rates compared to the peaks in the summer of 2022, the estimates still show a painful picture. Here Are the Expectations...Read More
The Consumer Price Index (CPI) releases showing the current inflation rate in the USA and the Federal Open Market Committee (FOMC) meetings which determine the rate hikes in the country, have resulted in significant price swings in the cryptocurrency market over the past several months. In the following, we take a look at the events’...Read More
The bear market has been relentless. The little upward momentum gathered last week came to halt. For the most part, the price action has been at the mercy of good and bad news. The whales are hibernating, and with little volatility, Bitcoin is, by far and large, directionless. But experts are impatiently gearing up for...Read More
Arthur Hayes – co-founder of the crypto trading platform BitMex – published a lengthy blog post on Thursday arguing that central banks will be forced back into “money printing” due to various economic pressures. That money printing, he argued, will create inflation that drives up the price of alternative forms of money, like crypto and...Read More
Philip Jefferson – one of the Federal Reserve’s three newest governors – has re-emphasized the central bank’s plans to continue fighting inflation. The former college professor said he and his colleagues are committed to taking “further steps necessary” to address the problem, and gave no indication that they would consider dovish monetary policy in the...Read More
The United Nations Conference on Trade and Development (UNCTAD) released a report on Monday warning that central bank monetary and fiscal policy is putting the global economy in danger. It claimed that U.S. interest rate hikes in particular will cut $360 billion in future income from developing countries. A Crisis in Developing Countries According to...Read More
The author of the best-seller believes the US Federal Reserve will continue to raise interest rates, which will ultimately push the prices of BTC, gold, and silver down even more. However, this presents a good buying opportunity that could make investors smile in the future. Buy BTC Now, Says Kiyosaki Robert Kiyosaki used to be...Read More
Billionaire investor Stanley Druckenmiller said that crypto could make a comeback as citizens begin to distrust their central banks. The hedge fund manager sees this outcome as increasingly possible given the state of the global economy, and the Fed’s uphill battle against both inflation and recession. Recession is Coming, Says Druckenmiller During an interview at...Read More
Federal Reserve Chairman Jerome Powell said that a central bank digital currency (CBDC) in the U.S. would “not be anonymous” during an event hosted by the Bank of France on Tuesday. He described the key properties that would underpin a CBDC if implemented – one of which includes being “identity verified.” Private, But Not Anonymous...Read More
On the nervous global backdrop, the much anticipated “Merge” eventually transpired as a sell-the-news type of event. Cryptocurrencies suffered fresh declines in the wee hours of Monday morning. The global market cap fell to $909 billion, with a trading volume of $79.54 billion over the past 24 hours. Major assets such as Bitcoin and Ethereum...Read More
With the US Federal Reserve firming up its ante against inflation and dismissing discussions about any softening of monetary policy. JPMorgan’s chief global strategist, David Kelly, has made some suggestions for crypto investors concerned about the direction of the market. In an interview Friday after Fed Chair Jerome Powell’s speech at Jackson Hole, Wyoming, Kelly...Read More
The insolvent crypto brokerage firm Voyager has been contacted by both the Federal Reserve and Federal Deposit Insurance Corporation (FDIC). Both bodies have demanded that the company correct all misleading statements it has previously made concerning the deposit insurance coverage of Voyager and its customers. False Claims from Voyager In a joint press release on...Read More
Somewhat surprisingly, the crypto market reacted quite well to the latest interest rate hike from the US Fed, with prices soaring to new weekly highs. As such, the number of liquidated traders on a daily scale is over 90,000, while the total value of liquidations is $400 million. As CryptoPotato reported yesterday, the primary cryptocurrency...Read More
Federal Reserve Vice Chairwoman Lael Brainard urged policymakers to toughen up regulatory scrutiny on the crypto industry in a speech given at the Bank of England conference on Friday. Once again, the Chair emphasized the risk of the crypto market crash spilling over to the core financial ecosystem because of the lack of targeted regulation...Read More
It comes as no surprise that worsening macro-factors have been the cause of the current crypto bear market. However, Coinbase confirmed the notion in a blog post on July 5, adding that the other third was caused by a weakening outlook for cryptocurrencies. Coinbase noted that the correlation between crypto and traditional markets has risen...Read More
The Federal Reserve published the latest “Monetary Policy Report” on Friday, categorizing the stablecoin industry – particularly the algorithmic stablecoins – as a risk of financial instability. Meanwhile, it expressed concern regarding the concentration of fiat-backed stablecoins on Tether’s USDT and Binance’s BUSD. Fed’s Latest Take on Stablecoins Given the rapidly growing digital asset markets,...Read More
Raoul Pal – CEO of Global Macro Investor – predicted the bottom in the crypto markets will be in within the next five weeks, saying he may start buying heavily as early as next week. He compared the current bear market to the violent crypto plunge in 2014 while suggesting that the ongoing bloodbath could...Read More
The St. Louis Federal Reserve published a blog post with the ratio of eggs to Bitcoin in a bid to criticize the volatility in the latter but ended up being ridiculed for the example. Cracking Bitcoin-Volatility Case According to the post “Buying eggs with bitcoins – a look at currency-related price volatility,” the Eggs/BTC graph,...Read More
John Williams – President and CEO of the Federal Reserve Bank of New York – believes the institution should closely monitor the transformations of the cryptocurrency industry and, if needed, make necessary updates on its financial policies. He also opined that stablecoins and central bank digital currencies (CBDCs) have a better chance of succeeding in...Read More
In a testimony before the Committee on Financial Services, Brainard called for “clear regulatory guardrails” to provide consumer and investor protection, uphold financial stability, and ensure a level playing field for competition and innovation across the financial system amidst the turmoil in the crypto market. Call for a Digital Dollar In the wake of recent events...Read More
Ben Bernanke – former chairman of the U.S. Federal Reserve – does not believe Bitcoin or other cryptocurrencies can succeed as an alternative money. He claims their prices are too volatile to serve as a practical means of exchange and lack the underlying use cases to serve as stores of value. Bitcoin is for Criminals,...Read More
The United States continues its exploration of a central bank digital currency (CBDC) as the main processor for US securities said it is developing a prototype for studying how such an asset can work in reality. The main goal is to examine how real-time transactions through cash-like tokens can pass through in the clearing and...Read More
Jeremy Siegel – Finance Professor at the Wharton School of the University of Pennsylvania – said the Federal Reserve needs to tighten its interest rates fast. With inflation spinning rapidly out of control, he called on the central bank to protect the dollar from devaluation, and from a possible Bitcoin “take over”. Dollar in Danger,...Read More
Jerome Powell – Chairman of the Federal Reserve – recently testified in front of the House Financial Services Committee on the state of the economy, and future monetary policy. Given the various sanctions placed on Russia during its conflict with Ukraine, he said the conflict “underscores” the need for crypto regulation that he’s advocated for...Read More
A few months after introducing the first draft aiming to prohibit Fed officials from owning certain assets, the policymaking Federal Open Market Committee has updated the document to include cryptocurrencies. Reports emerged last year claiming that numerous Federal Reserve top employees traded stocks, bonds, and real estate securities in 2020, shortly before the central bank...Read More
According to recent figures, the U.S. added 467,000 new jobs in January alone, despite worries about Omicron leaving various businesses short-staffed. Bitcoin traded slightly lower following the reveal. A Surprisingly Strong Labor Market The recent employment figures were published in a report by the US Labor Department’s Bureau of Labor Statistics earlier today. While total...Read More
We saw the publishing of technical research and open-source code that could be the groundwork for digitizing the greenback. There were no definitive plans to develop a CBDC mentioned in the paper as any decision must pass Congress first, according to reports. On Feb. 3, executive vice president at the Boston Fed, Jim Cunha, said:...Read More
Jerome Powell – chairman of the Federal Reserve – appears to have reversed one of his previous positions on the relationship between CBDCs and stablecoins. Testifying in front of the US congress, he suggested that both could co-exist, without the former replacing the latter. Allowing Stablecoins and CBDCs. Powell discussed the possibility of a Federal...Read More
On Dec. 1, the outspoken Nayib Bukele responded to a Bloomberg report detailing Federal Reserve chair Jerome Powell’s comments on inflation. Interestingly, El Salvador’s president asked the Fed chief to stop printing so much money out of thin air. Inflation a Growing Concern A fresh round of economic anguish has been ignited by last week’s...Read More
