Crypto Crash Fears Mount: Bitcoin Drops Below $80,000, Wiping Out $1 Trillion in a Month 📉
CEO of BlackRock Warns Severely in Response to Bitcoin and Crypto Market's $1 Trillion Price Drop
In the midst of stock market turmoil, crypto prices are plummeting, sparking fears of a bitcoin catastrophe. The digital currency has slid under $80,000 per bitcoin, dragging down the overall crypto market, which has shed a staggering $1 trillion in value in just a month's time. Bullish traders once predicted a U.S. President Donald Trump "game-changer," but now, even they may be quivering.
Elon Musk recently issued a surprising crypto warning, and the CEO of BlackRock, the world's largest asset manager, has cooled down crypto enthusiasts' hopes for continued interest rate cuts amidst Trump's inflationary trade policies.
Wondering what's happening with the bitcoin market and when it might recovery? Subscribe to our newsletter, CryptoCodex, to stay updated and ahead of the game! Curious about Trump's potential impact on the crypto market? Check out Forbes' CryptoAsset & Blockchain Advisor to uncover hidden gems that could skyrocket by 1,000% or more!
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BlackRock's Larry Fink share his thoughts at CeraWeek conference in Houston, predicting that Trump's escalating nationalism might induce inflation. According to Reuters, Fink believes that increased nationalism could yield higher inflation rates.
On the other hand, Goldman Sachs economists increased their odds of a recession within the next 12 months from 15% to 20%, citing Trump's economic policies as a major risk factor. Yardeni Research economists also upped their recession odds, raising them from 20% to 35% due to "Trump 2.0's relentless barrage of executive orders, terminations, and tariffs."
Last week, Federal Reserve Chair Jerome Powell stated that the Fed is in no rush to reduce interest rates, given the labor market's robust state and inflation's shaky journey to its 2% goal.
Based on the CME FedWatch Tool, the market expects the Fed to leave interest rates unchanged at its upcoming March meeting, but there's disagreement on whether rates will be trimmed in May.
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Stock Volatility Storm: Bitcoin Price Crash Looms as Investors Brace for U.S. Inflation Data Release
By this Wednesday, the United States will release the latest inflation data, the consumer price index (CPI), with consumer prices expected to have climbed in February, according to Bloomberg. The data may underscore the Fed's slow progress in battling inflation and potentially ignite the specter of stagflation, characterized by an economic slowdown accompanied by skyrocketing prices.
Sean Dawson, head of research at the decentralized options trading platform Derive.xyz, commented that the current market downturn is mainly caused by broader economic concerns, including apprehensions about a U.S. recession and relentless inflation. As market sentiments worsen, crypto assets are not exempted from the chaos. Traders are increasingly opting for downside hedging strategies, especially as market volatility skyrockets across both traditional and crypto sectors.
This monthly battle between inflationary pressures and the Fed's attempts to tame them will play a crucial role in shaping the bitcoin price."Keep a close eye on the market trends and trading behavior with the help of our newsletter, CryptoCodex! Curious about the crypto market's future? Look no further than Forbes' CryptoAsset & Blockchain Advisor for insider information on crypto assets with 1,000% growth potential!"
BlackRock's Larry Fink, speaking at CeraWeek conference in Houston, highlighted that Trump's escalating nationalism might induce inflation, as Reuters reports. Goldman Sachs economists increased their odds of a recession within the next 12 months from 15% to 20%, citing Trump's economic policies as a major risk factor. Yardeni Research economists also upped their recession odds, raising them from 20% to 35%, attributing the rise to "Trump 2.0's relentless barrage of executive orders, terminations, and tariffs."
Sean Dawson, head of research at the decentralized options trading platform Derive.xyz, commented that the current market downturn, including that of cryptocurrencies, is mainly caused by broader economic concerns, such as apprehensions about a U.S. recession and relentless inflation. This monthly battle between inflationary pressures and the Fed's attempts to tame them will play a crucial role in shaping the bitcoin price.
