Goldman Sachs Issues Huge Fed Crash Warning As A Legendary Trader Suddenly Flips His Bitcoin Price Prediction
Fed has been warned of a U.S. dollar crisis that risks spiraling into "total collapse," Goldman Sachs analysts have issued a warning that this week's closely-watched jobs numbers could spark a stock market crash—while legendary bitcoin trader Arthur Hayes has admitted his previous bitcoin price prediction was wrong.
"A market correction may start to get traction if payrolls are weak on Friday," Scott Rubner, managing director for global markets and tactical specialist at Goldman Sachs, wrote in a note to clients seen by Bloomberg.
Friday's payroll report, which Fed chair Jerome Powell last month said will inform September's interest rate decision, is expected to show hiring and wage growth picked up in August.
The Fed is now widely expected to begin a rate-cutting cycle at its two-day monetary policy meeting that begins on September 17. Yesterday, labor market data and comments from a Federal Reserve official bolstered the case for an interest rate cut, it was reported by Reuters.
Bitcoin, crypto and stock market traders are braced for hints that the Fed will need to adjust its plans for an interest rate cut this month as well as signs the strong U.S. economic performance so far this year is stalling.
Meanwhile, the lackluster bitcoin price performance over the summer has forced BitMex cofounder crypto trader Arthur Hayes to reverse his short-term bitcoin price prediction.
Hayes' new bitcoin price prediction reflects a bearish warning from analysts with Bitfinex this week who said they could see the bitcoin price fall as low as $40,000 in the short term.
Forbes, Sep 5, 2024.
https://www.forbes.com/sites/digital-assets/2024/09/05/goldman-sachs-issues-huge-fed-crash-warning-as-a-legendary-trader-suddenly-flips-his-bitcoin-price-prediction/
