The S&P 500 slid to the intraday highs of Sept. 2 while Bitcoin (BTC) climbed to its highest levels in more than three months. The moves came as a key report on Sept. 3 showed that the United States economy added fewer jobs than anticipated, lowering the Federal Reserve's likelihood to start unwinding its stimulus program this year. The U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous month's 5.4%. OUCH! US economy adds just 235,000 jobs vs …

The heavy selling in the U.S. dollar market at the end of last week assisted Bitcoin (BTC) to climb above $49,000. However, BTC struggled to extend its climb above $50,000, a psychological resistance level, as investors remained cautious about the Federal Reserve's taper timing. In detail, the Fed chairman Jerome Powell delivered a mildly dovish outlook during his speech on Friday at the annual Jackson Hole symposium. At one point, he refrained from providing hints regarding when the Fed would start unwinding its $120 billion a month asset purchasing program. Powell noted that they would begin tapering sometime by the …

Despite Bitcoin (BTC) slipping back below $50,000, more and more investors are likely to move their capital into Bitcoin and gold markets in the second half of 2021 (H2), asserted Mike McGlone, senior commodity strategist at Bloomberg Intelligence, on Aug. 23. The financial analyst cited the consistently lower yields offered by the 30-year U.S. Treasury note to explain his upside prediction. He noted that if its rate of return persists below 2%, it could enhance the price discovery stage for Bitcoin while posing a competitive advantage for traditional safe-haven assets like gold. #Bitcoin, #Gold & Long #Bonds: Three Amigos for …

Over the past seven days, Bitcoin (BTC) has failed to break through the $48,000 resistance, but its price has remained flat even as Minneapolis Federal Reserve Chairman Neel Kashkari bashed the industry. During an appearance at the Pacific NorthWest Economic Region Annual Summit on Aug. 17, Kashkari said: “So far, what I’ve seen is […] 95% fraud, hype, noise and confusion.” Moreover, Kashkari specifically targeted Bitcoin when he mentioned that its only use case has been funding illicit activities. Even with the current pullback, Bitcoin investors should be glad that the $44,000 support held because the Federal Reserve also signaled …

Bitcoin (BTC) prices briefly fell below $44,000 on Thursday as the United States Dollar strengthened after the U.S. Federal Reserve policy minutes revealed its intentions to limit its bond-purchasing program this year. Bitcoin risks $45,000 becoming new resistance The spot BTC/USD rate dropped 1.71% to a new week-to-date low of $43,955. The pair’s plunge appeared as a part of a technical correction that started after it had reached a three-month high of $48,176 on Saturday, following a 64.42% price rally. Bitcoin’s latest price decline also surfaced in line with a similar market bias on Wall Street. For instance, the benchmark …

Tether Holdings Ltd, the issuer of the largest stablecoin, Tether (USDT), reported that its total market capitalization had crossed $64 billion for the first time in history. The company called the event a “milestone,” adding that it is another indication of the cryptocurrency market’s “continued trust and confidence” in its stablecoin. Tether’s $USDt market cap hits $64B! A new milestone reached and another indication of the market’s continued trust and confidence in #Tether ! pic.twitter.com/t85i6e6UQt — Tether (@Tether_to) August 16, 2021 In detail, Tether’s business model revolves around providing digitized dollars to cryptocurrency traders and investors. In doing so, the …

Goldman Sachs-backed digital payment company Circle has officially disclosed plans to become a full-reserve national digital currency bank in the United States. Announcing the news on Monday, Circle co-founder and CEO Jeremy Allaire noted that Circle is willing to operate under the supervision and risk management requirements of the Federal Reserve, the U.S. Treasury, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. “We believe that full-reserve banking, built on digital currency technology, can lead to not just a radically more efficient, but also a safer, more resilient financial system,” Allaire stated. The CEO added …

Chris Waller, a member of the Board of Governors of the Federal Reserve System (Fed), seems to think it’s unnecessary for the United States government to develop a central bank digital currency, or CBDC. Speaking with Michael Strain of the American Enterprise Institute today, Waller said he was “highly skeptical” of a central bank digital currency, addressing issues in existing payment systems. He feels that the U.S. government should only intervene with a potential digital solution in the event of significant market failures. “I am not convinced as of yet that a CBDC would solve any existing problem that is …

A recent run-down in the United States Dollar Index (DXY) stopped midway as investors awaited U.S. job data for a guide on the viewpoint for interest rates. Meanwhile, Bitcoin (BTC) moved inversely to the greenback. The DXY rose to its intraday high of 92.195 on Wednesday, up 0.45% from its Friday low of 91.782. The move upside took the index back above its 200-day exponential moving average (200-day EMA; the pink tide in the chart below), at 92.001. The wave was instrumental in protecting the index from aggressive declines in June, serving as support. Meanwhile, a break above the 200-day …

Both small and rich Bitcoin (BTC) traders accumulated the benchmark cryptocurrency en masse during the period when its prices rose from below $30,000 to over $40,000, signaling their confidence in the asset’s long-term bullish setup. The basis of the upside outlook came from Ecoinometrics, a crypto-focused newsletter service. It highlighted in its latest edition a flurry of on-chain data that tracked the flow of Bitcoin into wallets that belonged to the richest crypto traders, known as “whales,” and to entities that held the cryptocurrency in smaller quantities — the so-called “small fish.” “After a couple of weeks of data showing …

A new bill introduced by United States Representative Don Beyer of Virginia has proposed a far-reaching regulatory and legal framework for digital assets across the board. Entitled "The Digital Asset Market Structure and Investor Protection Act of 2021," the bill touches on virtually all the important gray areas that continue to exist regarding cryptocurrencies in the U.S. context. One of its primary goals is to establish statutory definitions for digital assets and digital asset securities, bringing the former under the purview of the Commodity Futures Trading Commission (CFTC) and the latter under that of the Securities and Exchange Commission (SEC). …

Bitcoin (BTC) rose above $40,000 on July 29, a day after the Federal Reserve hinted that it was getting nearer to unwinding its asset purchasing program that has boosted the economic recovery of the United States. The benchmark cryptocurrency previously approached $41,000 ahead of the critical Fed update. Nonetheless, it started losing upside momentum after the Federal Open Market Committee (FOMC) released its policy statement, followed by a press conference helmed by the Fed's chairman, Jerome Powell. As economists expected, Fed officials left their monetary policy unchanged at the end of their two-day policy meeting. They noted that the U.S. …