Markets News
Bitcoin's drop below $30,000 has sparked worries that it is heading to $20,000 next, but is such a massive drop feasible against the backdrop of current macro fundamentals?
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Federal Reserve News
The Federal Reserve. or The Federal Reserve System, is the central bank of the United States that was founded in 1913 by the U.S. Congress in order to establish central financial control. The Federal Reserve is responsible for a lot of functions, so some may become confused about its role and ask the question “what does the Federal Reserve do?” The main objectives of the Federal Reserve System were established along with its founding in 1913. They are: maximizing employment, stabilizing prices and moderating long-term interest rates. Those are achieved by open-market operations, placing the discount rate, and establishing reserve requirements for financial institutions. Decisions and prognoses of the Federal Reserve are crucial for world’s economy because most economic operations are dependent on the U.S. dollar, which falls under the Federal Reserve’s control.
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Yale Professor Gary B. Gorton and Jeffery Zhang of the Board of Governors of the Federal Reserve System have co-authored a 49-page paper called, “Taming Wildcat Stablecoins.”
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The latest meltdown in BitFinex BTC shorts could follow up with a spike in spot Bitcoin bids, stated one analyst.
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A strengthening dollar could be negative for pretty much every risk asset on board, including Bitcoin, whose value boomed against the dwindling greenback after March 2020.
14795 - Altcoin Watch
The Federal Reserve chairman sidelined inflation concerns, which appears to have coincided with a relief bounce for Ethereum.
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The latest price declines came after the U.S. inflation rose to a 30-year high in June.
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Avanti’s Caitlin Long expects the U.S. Federal Reserve to make it harder for crypto companies to access USD payment channels.
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The bearish outlook surfaces as Bitcoin prices form a classic cup and handle pattern, now in the last stage of its maturity.
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Armstrong said he had spoken about China’s central bank digital currency with lawmakers and heads of federal agencies, believing it to be "a threat to U.S. reserve currency status long term."
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Though Randal Quarles said there was a "legitimate and strong regulatory interest in how stablecoins are constructed and managed," a U.S. dollar-pegged coin could help provide support for its fiat counterpart.
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John Williams responded to a presentation from Mark Carney, the former head of the Bank of Canada and Bank of England, about the potential for issuing central bank digital currencies.
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Boston Federal Reserve President Eric Rosengren notes that Tether could be a "disruptor" to short term credit markets.
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A statement threatening account closures for crypto activity causes mayhem before being deleted minutes later as FUD reigns supreme on Bitcoin markets this week.
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The central banker previously referred to cryptocurrencies as a “giant garbage dumpster.”
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Downside risks for BTC price are also heightened due to the recent dollar bounce.
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