With the current situation, will BTC return to 61k? These da | Bigmoney_Vn1 on Binance Square

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With the current situation, will BTC return to 61k? These days, everyone is freezing, but perhaps the downward direction will still account for a higher proportion until the end of the week. Have faith in everyone.
#Binance #BTC #Bigmoney 
$BTC $BNB $IO 

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ECONOMIC CRISIS IN ARGENTINA Argentina's economy is facing a severe recession. With inflation rates surpassing 200% and unemployment on the rise, this South American nation has witnessed a staggering 2.6% decline in GDP for Q1 compared to the previous quarter. This marks the second consecutive quarter of economic contraction, a clear sign of recession. According to Argentina's statistics agency INDEC, unemployment has risen to 7.7% in Q1 from 5.7% in the previous quarter, resulting in an additional 300,000 unemployed in just 3 months. The leadership of President Javier Milei, elected in December last year, has introduced strong measures such as cutting public spending and ending fiscal deficits. However, Milei's austerity measures have led to the suspension of critical infrastructure projects, contributing to particularly high unemployment rates in the construction sector. Prolonged triple-digit inflation and frequent economic downturns have forced Argentineans to tighten their belts. As an economist, Milei believes Argentina urgently needs financial restructuring after years of deep deficits and national debt defaulting nine times in its history. Despite boosting the stock and bond markets, these measures have inflicted severe consequences on the economy, exacerbating poverty and unemployment. Nevertheless, Milei insists these measures are necessary and will lead Argentina toward a turning point. Latest data from INDEC indicates a sharp 5.1% year-on-year GDP decline in Q1, coupled with a 6.7% drop in consumer spending and a 5% decrease in public expenditure. On the flip side, exports surged by 26%, while imports plummeted by 20.1%. Information from Reuters #Binance #Bitcoin #Bigmoney #News $BTC $BNB $NOT

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Are Market Makers Manipulating 78% of New Cryptocurrency Listings? 🕵️‍♂️💰 The cryptocurrency market has seen tremendous growth, but the transparency of these transactions remains a major issue. A recent study from Chainalysis indicates that up to 78% of transactions involving new cryptocurrencies involve market makers. This raises concerns about the integrity of prices and trading volumes. 🏦 The Role of Market Makers Market makers provide liquidity by continuously placing buy and sell orders, helping to stabilize prices. In the cryptocurrency market, they can include large exchanges, investment funds, and financial institutions. 🔍 Research on Market Manipulation Market makers can manipulate prices through various methods: 1. Wash Trading: Simultaneously buying and selling to create fake trading volumes. 2. Spoofing: Placing large buy or sell orders and then canceling them to influence market sentiment. 3. Pump and Dump: Buying in large quantities to pump up the price, then quickly selling off to profit, often at the expense of smaller investors. 🌐 Impact on the Market Market manipulation has several negative effects: - Eroding Investor Trust: Investors lose confidence and withdraw funds, leading to reduced liquidity and significant price volatility. - Creating Price Bubbles: Prices are artificially inflated, which can lead to sudden crashes when the bubbles burst. - Hindering Market Development: Lack of transparency and fraudulent activities impede the sustainable growth of the cryptocurrency market. 🛠️ Solutions 1. Enhanced Regulation and Oversight: Regulatory bodies need stricter oversight and require exchanges to adhere to transparency and anti-manipulation rules. 2. Improving Monitoring Technology: Utilizing blockchain and data analysis tools to detect and prevent manipulative practices. 3. **Increasing Education and Awareness:** Educating investors about the risks associated with market manipulation and how to avoid them. #Binance #Bitcoin #Bigmoney $BTC $ETH $PEPE

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🔍 Bitcoin's Double Top Appears on Chart: BTC May Drop to $50,000 Bitcoin (BTC) has formed a double top pattern, signaling a potential bearish trend reversal ahead of important data releases that could impact the Fed's interest rate path. 📉 Recent Bitcoin Price: - After surging to nearly $70,000, approaching its all-time high from March, it has now dropped to $60,856 at the time of writing. - Main causes: Faster selling by miners, investors taking profits near the all-time high, and outflows from U.S.-listed spot ETFs. 📊 Double Top Pattern: - The price action has formed a double top, a bearish technical analysis pattern. - The second peak indicates the exhaustion of the uptrend. - Breaking the low between the two peaks confirms the bearish trend reversal. 🔍 Technical Analysis: - Markus Thielen, founder of 10x Research, stated: "Technically, Bitcoin appears to be following a double top formation. This pattern could easily see a drop to $50,000—if not $45,000." 📉 Inflation and Interest Rate Data: - The Personal Consumption Expenditures (PCE) price index is expected to show the slowest monthly increase in core figures in over three years. - This could bolster the likelihood of the Fed continuing to cut interest rates from September, potentially setting a floor for risk assets, including Bitcoin. 🗣️ Expert Opinions: - Greg Magadini, head of derivatives at Amberdata, noted: "Strong economic data recently has driven bond yields higher and precious metals lower. This continues to hinder digital hard assets like cryptocurrencies." - Magadini added: "This week we have several Fed Governors speaking, GDP data, and most importantly, PCE on Friday." Economists surveyed by Bloomberg expect no changes in the PCE price index and a modest 0.1% increase in the core PCE, leading to a 2.6% annual increase in both headline and core figures. #BTC #Binance #Bigmoney $BTC $BNB $PEPE

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First Fed Rate Cut of 2024 May Occur in July A recent economist suggests that the U.S. economy faces significant recession risks, making a Fed rate cut likely in July. While the market expects a longer path to rate cuts, the Fed could make its first reduction in July as recession risks become more apparent. Steven Blitz, an economist at GlobalData TS Lombard, noted in a June 19 report that there is a 60% chance Fed Chair Jerome Powell might surprise the market with a rate cut next month. According to the CME FedWatch Tool, the market currently predicts only a 10% chance of a rate cut in the July meeting, with most expecting the first reduction in November. Blitz stated that the rate cut would aim to prevent a recession, given recent data showing economic weakening. As Powell reiterated that the Fed's decisions depend on data, an early rate cut is possible. Blitz remarked, “Recent economic data suggests that if June’s nonfarm payrolls mirror April and overall June data remains weak, the FOMC will adopt a more dovish stance in July.” In April, the U.S. economy added 175,000 jobs, falling short of analysts' expectations. While May data improved, a rise in unemployment claims cast a shadow over the labor market. Housing data also indicated a significant slowdown in construction activity. Blitz noted, “The pace of new home construction slowed in May, particularly for single-family homes. Inventory levels rose, and transactions declined, signaling a recession. Weak builder sentiment further lowers expectations for new home construction in the latter half of the year.” These risks are becoming more evident, especially after hawkish Fed officials like Neel Kashkari suggested rate cuts might not occur until December. Blitz concluded, “The FOMC shouldn’t pre-announce rate cuts. Economic data will dictate when cuts are necessary.” With recent data showing cracks in the housing and labor markets, a rate cut could happen sooner than expected. Blitz added, “It’s likely the Fed will ease in July. Recession is inevitable.” Reference: BI #Binance

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IS THE ERA OF THE DOLLAR'S DOMINANCE COMING TO AN END? According to the Atlantic Council, Saudi Arabia ending the petrodollar agreement could weaken the dominance of the USD in the oil market. 🛢️Petrodollar and the USD’s Role: The Atlantic Council notes that the potential discontinuation of the trade agreement between the U.S. and Saudi Arabia will reduce the USD’s dominance in the oil market and symbolize a victory for de-dollarization. The 1974 agreement requiring Saudi Arabia to use USD for oil sales has maintained the USD’s crucial role in global trading and financing. 📉Changes Over 50 Years: Since the petrodollar agreement was signed 50 years ago, much has changed. The U.S. economy’s dominance has waned, with its share of global GDP dropping from 40% to 25% since 1960. Moreover, U.S. reliance on Saudi oil has significantly decreased due to the domestic oil boom. 🌍 Emerging Attractive Markets: Other markets have emerged, encouraging oil-dependent economies to rethink trade activities. China has become Saudi Arabia’s largest oil partner, accounting for over 20% of its oil exports. Beijing has established strong trade relationships throughout the Middle East, where U.S. influence has waned. 💳De-dollarization: Consequently, Riyadh has gradually moved towards de-dollarization to reduce USD dominance. Saudi Arabia is a potential BRICS candidate aiming to decouple from the USD and has partnered with China to create mBridge, a cross-border payment system using central bank digital currencies. ⚠️Risks to the USD: Hung Tran, a non-resident fellow at the Atlantic Council, states that if payment ecosystems like mBridge develop, they pose a real threat to U.S. Treasury liquidity, risking the USD’s global position. He suggests that in such a world, the USD will still “shine” but with less influence, as currencies like the yuan, euro, and yen rise. That Saudi Arabia's move regarding the petrodollar agreement is a significant indicator of the future of finance, as it was established 50 years ago. Reference: BI #Binance #Bigmoney

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