Updated on 05/16 below.This post was first published on May 15th
Bitcoin
Bitcoin
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Bitcoin prices soar above $65,000 per bitcoin for the first time since early May as traders increase bets that the Federal Reserve will soon declare victory in the fight against inflation and cut interest rates. However, Elon Musk recently joined other prominent investors in warning. “Stealth money printing” could destroy the US dollar.
Ethereum sends XRP ahead of major inflation data
XRP
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Bitcoin, Ethereum, XRP and crypto traders are increasing their bets on Federal Reserve Chairman Jerome … [+]
“Bitcoin is still in the early stages of its upcycle,” said Tom Lee, managing partner and head of research at Fundstrat Global Advisors. CNBC. “So the idea that it could reach $150,000 this year is still in our base case.”
The latest monthly U.S. consumer price index data showed the pace of U.S. inflation eased slightly in April, rising 0.3% versus 0.4% in March, compared to economists' expectations of 0.4%.
“I think it certainly helps that the Fed has reiterated its view on inflation and is relatively dovish relative to market conditions,” Lee said. “I think that's the process by which the market is recovering.”
Bitcoin prices have soared about 75% since the start of the year, rising on expectations that the U.S. Federal Reserve will start cutting interest rates this year.
“We know there's a lot of pent-up demand,” Lee said. “Capital investment is increasing, ISM [international securities markets] It's on the rise, with $6 trillion in cash stockpiled, and people have been wary for over two years now. ”
05/16 Update: CME, the world's largest futures exchange operator, has announced that it is preparing to add spot Bitcoin trading. report The Financial Times reported, citing leaks from three anonymous sources.
Unconfirmed plans to open CME to Bitcoin trading are a response to a “surge in demand” for Bitcoin from Wall Street following the launch of the Spot Bitcoin Exchange Traded Fund (ETF) fleet in January. It highlights the amount of capital remaining. Bitcoin and Cryptocurrency Market Sidelines.
The 11 Bitcoin spot ETFs that exploded onto Wall Street earlier this year have taken the financial world by storm, with total assets under management soaring to nearly $50 billion since January, making them the fastest-growing ETFs in history. They became one.
black rock
black rock
However, some Bitcoin and crypto market analysts downplay the long-term impact the Federal Reserve will have on Bitcoin prices.
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Bitcoin price surpasses 2021 peak, pushing up prices of Ethereum, XRP, and broader cryptocurrencies … [+]
“Federal Reserve policy may induce short-term volatility, but it won’t fundamentally change Bitcoin’s long-term trajectory,” said Leena, a researcher at Bitcoin and crypto investment firm 21Shares.・Mr. Eldeeb stated in an email comment. “Bitcoin therefore currently occupies a unique position as a risk-on and risk-off asset, navigating unique market dynamics.”
Bitcoin's price rally this year has been fueled by a new wave of spot Bitcoin ETFs on Wall Street, which has led to a wave of investors entering the Bitcoin market who view crypto exchanges as risky.
Last month, a major leak by a Wall Street bank suggested that brokers may soon be allowed to recommend spot Bitcoin ETFs to their customers.
