Ethereum

2024

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-hits-peak-before-halving" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits Peak Before Halving</a><br></p>
<p style="text-align: justify">The year 2024 marks a significant milestone for Bitcoin as it reached its peak before the anticipated halving event. Similar upward trends were observed in Ethereum, whereas <a href="https://en.bitcoinhaber.net/xrp-maintains-1-4-target-despite-market-turbulence-says-crypto-analyst" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a> remains sluggish. Bitcoin now targets a <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market valuation</a> of $4 trillion, with Wall Street’s attention shifting towards other altcoins, including Ethereum and XRP. Concurrently, market participants are keenly watching the Federal Reserve’s next moves.</p>
<h2 id="what-does-the-imf-say">What Does the IMF Say?</h2>
<p style="text-align: justify">The International Monetary Fund (IMF) has made a bold statement regarding the US dollar, suggesting a hidden erosion in its dominance. Recent <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> a decline in the dollar’s share of global foreign exchange reserves, favoring non-traditional reserve currencies like the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singapore dollar, and Scandinavian currencies.</p>
<p style="text-align: justify">A report by IMF economists, including Serkan Arslanalp, Barry Eichengreen, and Chima Simpson-Bell, highlights the diminishing role of the US dollar over the past two decades. Surprisingly, the reduction in the dollar’s share has not benefited other major currencies like the euro, yen, or pound sterling.</p>
<h2 id="how-are-digital-financial-technologies-impacting">How Are Digital Financial Technologies Impacting?</h2>
<p style="text-align: justify">The report also emphasizes the emergence of new digital financial technologies, such as automatic market-making and liquidity management systems. Despite the dollar’s apparent strength, these technologies indicate a shift by private investors toward dollar-denominated assets. The New York Fed, however, downplays this trend, arguing that it is an overreaction to actions by a few small countries.</p>
<p style="text-align: justify">The criticisms of the NY Fed’s stance have been notable. Technology investor and former Coinbase chief technology officer Balaji Srinivasan pointed out that the Fed’s acknowledgment of countries moving to gold indicates a significant shift, involving 3 billion people, or 37.5% of the world’s population.</p>
<h2 id="significance-of-bitcoin-s-trend">Significance of Bitcoin’s Trend</h2>
<p style="text-align: justify">– Growing adoption of Bitcoin could lead to its market value reaching $15.7 trillion.<br> – The shift towards gold by several countries signals a possible decline in the US dollar’s dominance.<br> – New digital financial technologies are attracting private investors to dollar-denominated assets.<br> – The Federal Reserve’s next steps are crucial for the future of altcoins, including Ethereum and XRP.</p>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">Billionaire Chamath Palihapitiya believes Bitcoin could entirely replace gold as its adoption grows among countries. As the digital currency continues to break new ground, the financial world closely watches its trajectory and the evolving dynamics of global reserve currencies.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-hits-peak-before-halving" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits Peak Before Halving</a></h5>

Bitcoin Hits Peak Before Halving

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