Bitcoin 

Got Bitcoin? US Fed Warns National Debt Growth Is ‘Not Sustainable’

The head of the United States Federal Reserve has admitted current economic policy is “not sustainable” — but that it is not its job to fix it. Speaking during testimony before Congress’ Joint Economic Committee on Nov. 13, Jerome Powell noted that currently, U.S. national debt is growing faster than nominal GDP. Powell: Solving debt spiral “not up to the Fed” “Ultimately in the long run that’s not a sustainable place to be,” he said. Powell continued: “How to fix that — it’s easy to say that — how do…

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Bitcoin 

The Fed Just Printed More Money Than Bitcoin’s Entire Market Cap

Bitcoin (BTC) proponents are voicing fresh alarm after the United States Federal Reserve printed more than its entire market cap in new money this month. Fed balance sheet approaches $4T As noted by cryptocurrency social media pundit Dennis Parker on Oct. 21, since mid-September, the Fed has injected $210 billion into the economy.  Part of its newly-revitalized quantitative easing (QE) strategy, the move dwarfs the total market cap of Bitcoin, which stands at $148 billion.  QE refers to the buying up of government bonds in order to provide economic stimulus.…

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Bitcoin 

‘Get Ready for Bitcoin $20K,’ Says BitMEX CEO as Fed Panic-Prints $53B

Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve, also known as The Fed, one of the industry’s biggest firms has said. Fed echoes 2008 crisis moves In a tweet on Sept. 18, Arthur Hayes, CEO of derivatives giant BitMEX, forecast that fresh quantitative easing (QE) would further decrease faith in fiat currency. The comments come a day after the Fed swooped to decrease interest rates on some loans which reached more than 10%, or four times its target. More…

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Bitcoin 

US Fed Rate Cuts Are Helping Bitcoin

Fundstrat Global Advisors co-founder Tom Lee believes that recent interest rate cuts in the United States by the Federal Reserve are a boon for Bitcoin (BTC).   Lee remarked on how the rate cuts positively impact Bitcoin investment in an interview with Fox Business on July 31, saying: “Bitcoin’s becoming increasingly a macrohedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.” Lee delivered a couple more general remarks about Bitcoin,…

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Cryptocurrency 

St. Louis Fed Chief Pessimistic on Crypto as Non-Uniform Currency

St. Louis Fed Chief James Bullard reportedly views cryptocurrencies as part of a global currency competition that is ultimately unhealthy. Bullard presented his views at the Central Bank Research Association 2019 annual meeting in a talk entitled “Public and Private Currency Competition.”  Presentation slides have subsequently appeared on the official Twitter account for The St. Louis Fed on July 19. In Bullard’s slides, he noted that there is historical precedent for certain key features of cryptocurrency. One of his bullet points reads: “Global currency competition is nothing new, nor is…

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Cryptocurrency 

Bitcoin Price Slips 10% in 24 hrs as Fed Raises Facebook Libra Concerns

Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior U.S. lawmaker. Market visualization courtesy of Coin360 Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development. Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.  Powell’s demands,…

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Ethereum 

Fed Chair Says Facebook Needs to Satisfy Regulatory Concerns Regarding Libra

Federal Reserve Chair Jerome Powell said there needs to be broad satisfaction with the way Facebook is handling regulatory concerns regarding its forthcoming stablecoin Libra. Powell gave his comments in a hearing before the House Financial Services Committee on July 10. Rep. Steve Stivers asked Powell during the meeting, “if Facebook can’t sufficiently answer your questions about anti-money laundering, Know Your Customer, what would your message be to the banks that provide banking to Facebook, and what would your advice to Facebook be?” Powell replied: “ … I just think…

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Cryptocurrency 

Bitcoin Reclaims $13,000 as NY Fed Says Recession Risk Highest Since 2008

Bitcoin (BTC) hit $13,000 again on June 10 as the 2019 bull market delivered fresh reasons to celebrate for traders and HODLers.  Market visualization courtesy of Coin360 Data from Coin360 showed BTC/USD hitting $13,130 in early trading Wednesday, the pair reclaiming almost $1,000 in 24 hours.  The past days have surprised markets, with analysts previously warning a major correction should set in after bitcoin closed below $11,450.  Bitcoin 7-day price chart. Source: Coin360 Now, sentiment is trending to the upside, with regular commentator Josh Rager eyeing July’s monthly close as…

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Bitcoin 

US Fed Considers Including BTC Market Crash as ‘Salient Risk’ for Stress Tests

The United States Federal Reserve (the Fed) is considering the inclusion of this year’s Bitcoin (BTC) market collapse as one of the “salient risks” to be taken into account for its supervisory stress tests. The prospective amendment was revealed as part of a policy statement published on the official federal government daily journal, The Federal Register, on Feb. 28. The Fed’s annual supervisory stress tests provide the framework for covered companies to conduct their internal stress tests. These have been mandatory pursuant to the landmark Dodd-Frank Wall Street Reform Act…

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