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Bitcoin prices have risen to their highest levels since May 2022 in recent weeks as traders prepare to approach a $3 trillion “tipping point” that could drive up the prices of Ethereum, XRP and others. important cryptocurrencies.
Now, after an influential trader predicted the arrival of “global wartime inflation,” the market is about to begin an “all-out” rally, marking the end of the Federal Reserve's long fight against inflation. . Bitcoin, Ethereum and XRP prices.
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“What changed for the markets was the rhetoric from the Federal Reserve,” investor Chamath Palihapitiya, a former billionaire whose 2021 speculation boom made the Forbes rich list, said on the All-In podcast with his colleagues. investors David Sachs and David Friedberg.
This week, the Federal Reserve kept interest rates unchanged for the second time in a row, and Federal Reserve Chair Jerome Powell questioned whether the central bank would raise interest rates again. "The question we're asking is whether we should go further," Powell said at a news conference Wednesday.
"The statement is bad," Peter Cardillo, chief market economist at Spartan Capital Securities, told Reuters . "A second consecutive rate hold suggests the Fed will likely keep rates unchanged in December. And if they do, that means the Fed is done."
Stock markets and cryptocurrencies (including bitcoin, ethereum, and XRP) rallied after the Federal Reserve announced they would remain stable.
"[The Fed] is holding out the possibility that they could raise rates another 25 or 50 basis points, and I think that's basically impossible," Palihapitiya said. 'Good for markets'
"Inflation also appears to be slowing a bit," Sachs said, highlighting a rise in recession indicators that saw yields on "fragile" U.S. Treasury bonds rise to their highest level. since before the 2007 financial crisis. "It's all coming together," Sachs responded
to a question from Friedberg about what he called a market “bottom” that has wiped $1 trillion off the stock and cryptocurrency markets in the past two years.
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– Cryptocurrency Prices 300% ‘Panic’ Could Explode Bitcoin, Ethereum and XRP By Billy BambroughMeanwhile, Jurien Timmer, global macro director at investment giant Fidelity Investments, said he believes bitcoin is "exponential gold" and predicted it has the potential to act like gold in the past.
“I think bitcoin is a basic currency that wants to be a store of value and protect against currency weakness. I think this is exponential gold,” said Timmer, estimating that the value of bitcoin will reach $100,000 per bitcoin in 2021. 2023., Posted on X (Twitter).