Bitcoin’s recent declines may signal a deeper downturn due to US economic concerns Recent price rally halted by weak ISM index and Fed’s dovish outlook. The cryptocurrency research group 10X Research predicts that the recent declines in the price of Bitcoin could be the start of a more serious decline, citing an upcoming economic storm and the asset’s separation from the stock market. Despite a strong start to the week marked by interest in Bitcoin ETFs from three major US pension funds and Mt. Gox delivering billions in Bitcoin to creditors, prices boosted and tested the ,000 trend line for the sixth time before economic worries set in. Market Confidence Is Shaken by Economic Concerns It has become clear over the past 48 hours that the US economy is weaker than the Federal Reserve had
Topics:
Live Bitcoin News considers the following as important: Bitcoin News, News
This could be interesting, too:
Bilal Hassan writes HashKey Cloud Partners with Kintsu to Boost Monad Network Security
Bena Ilyas writes Hamster Kombat Daily Combo Cards and Cipher Code for September 16, 2024
Bilal Hassan writes U.S. Imposes Sanctions on Cambodian Tycoon Linked to Human Trafficking and Crypto Fraud
Suraj Manohar writes Tether Under Fire for Not Disclosing Reserves Transparently
- Bitcoin’s recent declines may signal a deeper downturn due to US economic concerns
- Recent price rally halted by weak ISM index and Fed’s dovish outlook.
The cryptocurrency research group 10X Research predicts that the recent declines in the price of Bitcoin could be the start of a more serious decline, citing an upcoming economic storm and the asset’s separation from the stock market. Despite a strong start to the week marked by interest in Bitcoin ETFs from three major US pension funds and Mt. Gox delivering billions in Bitcoin to creditors, prices boosted and tested the $70,000 trend line for the sixth time before economic worries set in.
Market Confidence Is Shaken by Economic Concerns
It has become clear over the past 48 hours that the US economy is weaker than the Federal Reserve had previously believed. The Federal Open Market Committee (FOMC) statement this week was a little cautious, outlining a number of potential outcomes. However, Fed Chair Jerome Powell delivered a dovish statement during the Q&A session, implying that a rate decrease in September is feasible if inflation plays out as anticipated.
Stocks and Bitcoin rallied in response to this dovish tone. But less than a day later, risk assets felt the long-lasting impact of a weak ISM index, which drastically altered the landscape. The swift change in economic outlook led to heightened volatility in the cryptocurrency market, wherein Bitcoin experienced notable fluctuations in price.
As of now, Bitcoin is trading at $60,560, reflecting the ongoing uncertainty in the market. Investors are advised to stay informed and be prepared for potential market shifts as economic indicators continue to evolve.