3 Reasons Bitcoin Could Bounce Back in the Second Half of 2024
While Bitcoin has disappointed investors in the first half of the year, a new rally could be coming soon.
While Bitcoin has disappointed investors in the first half of the year, a new rally could be coming soon.
-- Most Asian currencies kept to a tight range on Monday, while the dollar steadied as a blowout nonfarm payrolls report saw traders sharply scale back expectations...
According to Odaily, Bank of America has revised its monetary policy outlook following weaker-than-expected data, including the ISM Manufacturing Report and the July non-farm payroll report. The bank now anticipates that the Federal Reserve will implement a 25 basis point rate cut at its September meeting. This adjustment reflects a broader expectation of gradual monetary easing by the Fed.In addition to this forecast, Bank of America has also lowered its expectations for the terminal rate of the upcoming normalization cycle. The bank now projects the terminal rate to be between 3.25% and 3.5%, a reduction of 25 basis points from previous estimates. This adjustment is based on the assumption that the economy may cool faster than anticipated by both the bank and the Federal Reserve, potentially reducing the need for a prolonged high-interest-rate policy stance.
According to Foresight News, several White House officials and cryptocurrency industry executives are set to participate in a roundtable discussion on digital asset policy. The event is organized by Representative Ro Khanna and will include notable attendees such as National Economic Council Director Lael Brainard, White House Deputy Chief of Staff Bruce Reed, and outgoing Senior Advisor Anita Dunn.
According to PANews, the High Court of Odisha in India has reiterated that cryptocurrency trading is neither prohibited nor considered illegal in the country. The court granted bail to Yes World CEO Sandeep Chowdhury, citing the absence of an official ban or illegal status for cryptocurrency transactions in India. Chowdhury had been detained on allegations of defrauding investors through a Ponzi scheme or multi-level marketing plan disguised as a cryptocurrency business.Despite the lack of specific cryptocurrency regulations in India, the government imposes heavy taxes on cryptocurrency transactions. Gains from virtual digital assets (VDAs) are subject to a 30% tax, and users cannot offset gains with losses as they can with stocks. Additionally, a 1% tax deducted at source (TDS) on digital asset transactions further impacts traders.
Cryptocurrency industry executives are expected to meet White House officials and Representative Ro Khanna (D-Calif.) to voice their concerns and discuss potential policy changes around digital assets. What Happened: After a roundtable in July, crypto executives are reportedly going to meet with Biden administration officials for the second time, reported Bloomberg, citing a person familiar with the matter. Don’t Miss: According to Cathie Wood, holding 6 Ethereum (ETH) could make you a millionai
Wall Street wanted rate cuts. But not like this.
According to PANews, the Royal Bank of Canada has reported an unexpected downturn in the U.S. labor market at the start of the third quarter. July's non-farm payroll data indicated a significant slowdown in labor market conditions, which have been gradually deteriorating over the past year. The unemployment rate rose from 3.4% in April 2023 to 3.9% in April, and then increased to 4.3% over the next three months.During this week's Federal Reserve meeting press conference, Fed Chairman Jerome Powell continued to describe the current labor market weakness as a normalization from overheated conditions. He emphasized that if the labor market weakens unexpectedly, the Federal Reserve is prepared to respond accordingly. The Royal Bank of Canada still expects the Federal Reserve to cut interest rates at its next meeting in September and believes the risk of further rate cuts for the remainder of the year leans towards more rather than fewer.
Cryptocurrency markets are trading lower in sync with other financial markets as of 8/2/24 Friday afternoon 5pm. Cryptocurrency Price Gains +/- Bitcoin (CRYPTO: BTC) $62,672 -1.1% Ethereum (CRYPTO: ETH) $3,013 -3.8% Solana (CRYPTO: SOL) $151.3 -6.8% Dogecoin (CRYPTO: DOGE) $0.1127 -2.3% Shiba Inu (CRYPTO: SHIB) $0.00001485 -2.2% Don’t Miss: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today. If you invested $100K in Nivida during COVID, y
According to PANews, the U.S. Commodity Futures Trading Commission (CFTC) is investigating potential cryptocurrency fraud involving 15 different tokens, including the memecoin BEN. The investigation targets unknown individuals who may be involved in fraudulent activities. On July 16, the CFTC issued a subpoena to Hit Network, a media company focused on cryptocurrency, which had previously hired Ben 'BitBoy' Armstrong as a spokesperson. The subpoena requests information on the trading activities and digital wallets related to these 15 tokens, including BEN, which is associated with Armstrong.Armstrong, known for his YouTube channel, has recommended 14 other tokens in his videos, primarily before Hit Network was established. These tokens were suggested as potential investment opportunities. The CFTC's investigation aims to uncover any fraudulent activities linked to these recommendations and the associated digital wallets.