Jerome Powell

Chair

Bitcoin

when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-holds-at-65700-after-fed-decision" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Holds at $65,700 After Fed Decision</a><br></p>
<p style="text-align: justify">As July comes to a close, the price of <a href="https://en.bitcoinhaber.net/bitcoin-price-plummets-whats-next" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> remains steady at approximately $65,700. Despite some speculation around a potential rate cut from the Federal Reserve, the consensus was that rates would remain unchanged. Chair Jerome Powell confirmed this expectation but hinted at a possible rate reduction in September, leaving the market on edge.</p>
<h2 id="why-are-cryptocurrencies-falling">Why Are Cryptocurrencies Falling?</h2>
<p style="text-align: justify">Powell stated that a 50-basis point cut for this year is currently off the table. However, he did leave room for speculation, suggesting cuts might be considered later. The market is also reacting to geopolitical tensions, particularly Iran’s <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">recent announcement</a> of “retaliation orders” in response to an attack on the Hamas Political Bureau Chief. Historical precedents indicate that such regional conflicts can negatively impact market sentiment.</p>
<p style="text-align: justify">Friday’s upcoming unemployment rate data could further influence market expectations about potential rate cuts. If the unemployment figures fall below projections, it could strengthen the belief that the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">Fed</a> will cut rates in September.</p>
<h2 id="what-will-happen-to-cryptocurrencies">What Will Happen to Cryptocurrencies?</h2>
<p style="text-align: justify">Jeffrey Gundlach of DoubleLine Capital anticipates a significant rate cut of 150 basis points within a year and even suggests that a recession declaration could come in September. With the Fed keeping rates at a peak for an extended period, economic repercussions are likely, according to Gundlach and Powell’s seemingly relaxed stance.</p>
<p style="text-align: justify">The Bitcoin market might face increased volatility as we head into August, especially when Asian markets open. Additional selling pressure could emerge, notably from Mt. Gox, which still holds around 80,000 BTC. The trustee board might eventually liquidate these assets, adding further stress to the market.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">Here are some critical inferences for stakeholders:</p>
<ul>
 <li>Monitor the upcoming unemployment rate data for market sentiment indicators.</li>
 <li>Prepare for potential volatility when Asian markets open.</li>
 <li>Be aware of the possible liquidation of 80,000 BTC from Mt. Gox, which could create significant market pressure.</li>
 <li>Pay attention to geopolitical factors, especially involving Iran, as they could affect market movements.</li>
</ul>
<p style="text-align: justify">As we move forward, market participants should keep an eye on these developments and prepare for potential shifts in the economic landscape.</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-holds-at-65700-after-fed-decision" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Holds at $65,700 After Fed Decision</a></h5>

Bitcoin Holds at $65,700 After Fed Decision

Table of Contents

BH NEWS

Другие статьи, опубликованные 31 июл. 2024 г.

Looking Back at Pi Network’s ‘Pi2Day Challenge’

Worldcoin Expands to Austria Amid Growing European Presence

Donald Trump Promotes Bitcoin Merchandise for Campaign

Asic Marketplace Celebrates 3 Remarkable Years Of Excellence In The Mining Industry

Latest Update: MT. Gox Moves $3.1B BTC

Mt. Gox Transfers 45,511 Bitcoins to Repay Creditors, BTC Selloff Looms

Join our free newsletter for daily crypto updates!