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Reading: Bitcoin Prices Drop After Testing $89,000
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COINTURK NEWS > Cryptocurrency Law > Bitcoin Prices Drop After Testing $89,000
Cryptocurrency Law

Bitcoin Prices Drop After Testing $89,000

In Brief

  • Bitcoin price dropped to $86,450 after testing $89,000.

  • Fed comments suggest potential regulations on stablecoins are forthcoming.

  • December 18 meeting has a strong chance of a rate cut.

İlayda Peker
İlayda Peker 7 months ago
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Bitcoin $104,425 price has retreated after testing $89,000 and is currently at $86,450. Some altcoins continue to gain, with DOGE quickly climbing to the $0.4 mark. The relationship between Trump and Elon Musk likely influenced this rise. What direction did the recent comments from Fed members take?

Cryptocurrencies and the Fed

Fed member Waller recently stated that stablecoins are ultimately synthetic dollars. Expected regulations in this area are a priority, and we will see stablecoins being regulated with Trump’s return to office. This could lead to a new process in which crypto-based dollars grow faster globally and are actively embraced by banks.

Key points from Waller’s speech included:

“The private sector is the most suitable for innovation in payment systems. There are times when the government can address market inefficiencies. The government must have a clear objective when providing financial services. The Fed is ready to support private innovation, but it also considers financial stability. I still do not see a justification for the Fed’s digital dollar.”

Another Fed member, Barkin, mentioned that the focus could shift towards upward inflation risks or downward employment risks depending on how the economy develops.

There is a 65% likelihood of a 25bp cut in the Fed meeting set for December 18, which indicates that a targeted 100bp cut is expected to occur throughout 2024.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 12 November, 2024 - 7:08 pm 12 November, 2024 - 7:08 pm
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