Features Crypto News by Thebittimes.Com

The United States economy continues to be gripped by fears of a possible recession, which at one point triggered panic in the stock and cryptocurrency markets. Amid these concerns, economist Henrik Zeberg has asserted that a recession is inevitable, possibly hitting in the fourth quarter of 2024. In an X post on August 23, Zeberg revised his targets for key financial assets, signaling the approach of what he predicts will be a historic recession. He outlined significant upward revisions for the S&P 500, Nasdaq, Dow Jones, and Bitcoin (BTC) while warning of a looming economic downturn. Picks for you Jack Schlossberg’s net worth revealed: How rich is JFK’s only grandson? 3 mins ago This price range is Bitcoin's next stop, according t...

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has shared the potential implications of Bitcoin’s (BTC) recent performance on the broader United States stock market. Particularly, in an August 10 X post, McGlone suggested that Bitcoin—a key indicator in the realm of risk assets—might be maturing rapidly, particularly in the context of US exchange-traded funds (ETFs). However, this maturation could be placing considerable pressure on the stock market. He pointed out that Bitcoin has experienced a notable decline from its previous highs, a trend McGlone believes is exposing vulnerabilities within the stock market. As of August 10, 2024, Bitcoin was trading at around $60,000, a level last seen in March 2021. Picks for you 2 cryptocurrencies to reach $1 billion market cap by the end of 2024 ...

Traders are still tiptoeing around markets as multiple risk events remain at the forefront, but BTC margin and futures markets are starting to favor a bullish breakout. Bitcoin (BTC) has been trying to break above the $27,500 resistance for the past week, but to no avail. One of the reasons limiting Bitcoin’s upside is the risk of an eventual U.S. default as the government struggles to get the debt limit increase approved in Congress.  Still, some analysts and investors argue that the U.S. debt ceiling standoff is merely a "show" because, ultimately, additional money will hit the markets. The US Debt Ceiling talks are all show. They're going to print the dollar into oblivion. You need to own hard assets to protect your wealth.#Bitcoin is the fastest horse in the race. — MacroJack (@macrojack21) May 17, 2023 Notice how MacroJack correlates Bitcoin’s digital scarcity to the next logical step: additional inflationary pressure. The stimulus measures, meaning, increasing ...

Turmoil in China, concerns over the global economy and BlockFi’s bankruptcy filing are all weighing on crypto markets this week. China witnessed a spike in Covid cases and that has resulted in strict lockdown restrictions in several parts of the country. This triggered widespread protests in China and has possibly pulled the global stock Markets lower.  In addition to the turmoil in China, the cryptocurrency markets, which are already in a bear grip, are reeling under pressure from the Chapter 11 bankruptcy filing by BlockFi and its subsidiaries. Bitcoin (BTC) is down 21% in November, on track to its worst November performance since 2018. Daily cryptocurrency market performance. Source: Coin360 The sharp fall in Bitcoin’s price has drastically reduced the number of wallets holding more than $1 million worth of Bitcoin. There were 112,898 millionaire wallets on Nov. 8, 2021, but Glassnode data shows that as of Nov. 25, only 23,245 wallets boast of a Bitcoin balance worth $1 million or ...