Main Reason Why Crypto Market Badly Crashed Today 📉
Cryptocurrency markets are down due to the Federal Reserve delaying rate cuts, heightened Middle East tensions, and decreasing chances of Trump’s re-election.
Austin from Altcoin Daily highlights a troubling scenario with $2.9 trillion erased from the stock market, marking the worst single-day loss since 2020. Entering the 10th quarter of Federal Reserve tightening, we often see this precede a recession.
The Fed’s recent decision to refrain from cutting interest rates sparks debate. Some believe an earlier cut could have avoided inflation reminiscent of the 1970s. The upcoming September Fed meeting is crucial, as postponing rate cuts might lead to a severe economic downturn in Q4.
Early signs of recession are evident with McDonald's reporting its first sales drop since 2020, struggling consumer sectors, and rising unemployment.
Bitcoin has shown unexpected resilience, outperforming many altcoins. Institutional support for Bitcoin is increasing, with Morgan Stanley offering Bitcoin ETFs to high-net-worth clients, underscoring its potential even in a crisis.
Trump’s proposal to use Bitcoin to help pay off the U.S. national debt emphasizes Bitcoin's growing role in financial strategies. As we navigate this risky period, Bitcoin’s future in the US economy remains under close examination.
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