web3.0Bitcoin Faces Market Turbulence as Economic Storm Brews, 10X Research Predicts Deeper DownturnBitcoin Faces Market Turbulence as Economic Storm Brews, 10X Research Predicts Deeper Downturn
The cryptocurrency research group 10X Research predicts that the recent declines in the price of Bitcoin could be the start of a more serious decline, citing an upcoming economic storm and the asset's separation from the stock market.
10X Research, a cryptocurrency analysis group, predicts that the recent declines in the price of Bitcoin may be the beginning of a steeper decline, due to an impending economic downturn and the asset’s decoupling from the stock market. Despite a strong start to the week with three major US pension funds showing interest in Bitcoin ETFs and Mt. Gox distributing billions of dollars in Bitcoin to creditors, prices rallied and tested the $70,000 resistance for the sixth time before succumbing to economic pressures.
Economic Worries Dent Market Confidence
Over the past 48 hours, it has become evident that the US economy is weaker than the Federal Reserve had earlier assessed. The Federal Open Market Committee (FOMC) statement this week was slightly conservative, presenting a range of possible scenarios. However, Fed Chair Jerome Powell sounded dovish during the Q&A session, suggesting that a rate cut in September is possible if inflation behaves as expected.
This dovish tone led to a rally in stocks and Bitcoin. But less than a day later, risk assets felt the enduring effect of a poor ISM index, which shifted the landscape drastically. The rapid change in economic outlook caused significant volatility in the cryptocurrency market, with Bitcoin experiencing sharp price movements.
Currently, Bitcoin is trading at $60,560 amid the unfolding market conditions. Investors are encouraged to stay informed and be prepared for potential market adjustments as economic indicators continue to emerge.
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