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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Bitcoin Fails to Maintain Its Meteoric Rise

    Rocky
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    • Post n°1

    Bitcoin Fails to Maintain Its Meteoric Rise Empty Bitcoin Fails to Maintain Its Meteoric Rise

    Post by Rocky Today at 4:51 am

    Bitcoin Fails to Maintain Its Meteoric Rise

    Bitcoin Fails to Maintain Its Meteoric Rise 54889



    Money and business
       


    Economy News - Follow-up
    [rtl]Bitcoin briefly rose above $93,000 as expectations of interest rate cuts added to the momentum that came from President-elect Donald Trump's pro-crypto stance.[/rtl]
    [rtl]The cryptocurrency rose about 6% in the United States to a record high of $93,462, but failed to sustain the rally, falling to $89,370 at 6:10 a.m. Thursday in Singapore. The broader cryptocurrency market swung between gains and losses amid volatile trading.[/rtl]
    [rtl]Speculators are trying to analyze whether Trump's rhetorical support for cryptocurrencies will continue to push Bitcoin higher, opening the way to the $100,000 threshold, or give way to a wave of profit-taking, after a 33% advance since the US elections on November 5.[/rtl]

    [rtl]shift in opinions[/rtl]

    [size]
    [rtl]“It is reasonable to believe we will see a shift in sentiment, leading to increased flows in both directions,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “However, the bias towards Bitcoin is higher at the moment, and I expect buyers to return once the concentrated liquidation process is over and move into better positions.”[/rtl]
    [rtl]Inflation data on Wednesday matched analysts’ expectations, prompting traders to boost bets on another quarter-point rate cut by the Federal Reserve in December. At the same time, Trump’s broader policies of tax cuts and protectionist trade tariffs are complicating the picture by threatening to stoke price pressures in the future.[/rtl]
    [/size]

    [rtl]Trump's promises[/rtl]

    [size]
    [rtl]The president-elect has pledged to create a friendly regulatory framework for cryptocurrencies, create a strategic reserve of Bitcoin, and make the United States the global center for the industry. Once a cryptocurrency skeptic, Trump changed course after digital asset companies spent heavily on his campaign to promote their interests. [/rtl]
    [rtl]Questions remain about the viability of these promises and the likely timeline for implementation. Trump and his party control the elected branches of government, but the priority may be on matters of state such as economic and fiscal policy.[/rtl]
    [rtl]Billionaire Michael Novogratz, founder of cryptocurrency-focused Galaxy Digital LP, said in an interview with Bloomberg TV that the chances of creating a strategic reserve for bitcoin in the United States are low, adding that the largest cryptocurrency token could rise to $500,000 if it materializes.[/rtl]
    [rtl]The cryptocurrency bull run is spreading across the financial sector, driving volumes and inflows into U.S. bitcoin exchange-traded funds to a peak. MicroStrategy Inc., a software company that has adopted bitcoin on its balance sheet, is backing the Bloomberg measure of U.S. convertible debt, helping it post its best month this year.[/rtl][/size]


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    Added 11/14/2024 - 10:38 AM
    https://economy-news.net/content.php?id=49817
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