Crypto Blog
The ever-volatile cryptocurrency market was hit once again this week from different sides, but most could actually be connected to the United States.by $3,000 on Monday and touched $70,000 for the first time since early June. This came just a day or so after Donald Trump’s appearance at the 2024 BTC conference in Nashville, where he made some grand promises, like saying he would fire SEC Chair Gary Gensler on his first day in office.
It suggested that the world’s largest economy could be in a more worrying state than many believed, as the unemployment rate had soared to 4.3% – the highest since October 2021. Wall Street reacted with immediate price declines but so did crypto. However, the US Federal Reserve continues to postpone such a move and the rates are at a multi-decade peak of 5.25% to 5.50%. However, the pressure on Fed Chair Jerome Powell keeps mounting, as Dem Senator Elizabeth Warren urged him to cancel his vacation plans and cut the rates now instead of waiting for September, when most experts believe the reduction will occur.
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