No more 'soft landing?' A new reading of the Fed presents a fresh headache for Bitcoin.
showed BTC/USD again dipping below the last halving cycle’s top overnight, only to regain lost ground to circle $20,300 on the day.for U.S. stocks, with the S&P 500 and Nasdaq Composite Index up 0.15% and 0.6% within the first hour’s trading, respectively.
Concerns over the Federal Reserve’s plans on tackling inflation after last week’s gloomy speech by Chair Jerome Powell nonetheless lingered. Despite Powell’s earlier rhetoric, Diane Swonk, chief economist at KPMG, told mainstream media that the entire concept of a “soft landing” for the U.S. economy was now shelved.to Bloomberg, and showed that the Fed instead planned to keep growth in check to “grind inflation down.”
“It is a torturous process but less torturous and less painful than an abrupt recession,” Swonk added. With the mood thus firmly conservative on risk assets, attention likewise remained on the strength of the dollar as it continued to“For risk-on assets, including Bitcoin, it's essential to have a stable Dollar or a weak Dollar, as upwards pressure can be expected on the markets,” Michaël van de Poppe, CEO of trading firm Eight Global,“The coming month is going to be important for the $DXY. And this potential bearish divergence could be the first signal.
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