{"id":554692,"date":"2023-10-09T21:00:32","date_gmt":"2023-10-09T21:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=554692"},"modified":"2024-06-11T08:05:01","modified_gmt":"2024-06-11T08:05:01","slug":"bitcoin-and-xrp-set-to-shine-shock-8-trillion-predicted-amid-us-dollar-collapse","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-and-xrp-set-to-shine-shock-8-trillion-predicted-amid-us-dollar-collapse\/","title":{"rendered":"Bitcoin And XRP Set To Shine: Shock $8 Trillion Predicted Amid US Dollar ‘Collapse’"},"content":{"rendered":"

Despite initial expectations of a robust rally, major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and <\/span>XRP <\/span><\/a>have encountered a slowdown in momentum following a promising start in 2023. However, a prominent tech company’s leaked disclosure can alter this trajectory.<\/span><\/p>\n

With the <\/span>Federal Reserve<\/span><\/a> (Fed) grappling with a staggering $33 trillion US “debt death spiral,\u201d investment banking firm Jefferies analysts have warned that the Fed may be compelled to restart its money printing presses.\u00a0<\/span><\/p>\n

This move could trigger the collapse of the US dollar and ignite a significant price boom for Bitcoin, rivaling the value of gold.<\/span><\/p>\n

Expert Advocates For Bitcoin As An Inflationary Safeguard<\/span><\/h2>\n

A recent Forbes <\/span>report <\/span><\/a>indicates that Bitcoin’s highly anticipated halving event, expected to cause price volatility, is imminent.\u00a0<\/span><\/p>\n

Christopher Wood, Jefferies’ global head of equity strategy, emphasized in a note to clients seen by CNBC that G7 central banks, including the Federal Reserve, are unlikely to withdraw from unconventional monetary policies smoothly.\u00a0<\/span>Notably, Wood considers Bitcoin and gold as “critical hedges” against the resurgence of inflation.<\/span><\/p>\n

Related Reading: Bitcoin Trader Shares The \u201cOnly Chart\u201d You Need To Profit From BTC In 2024<\/a><\/div>\n

Since spring of 2022, the Federal Reserve embarked on reducing its ballooning balance sheet of nearly $9 trillion, which expanded significantly during the COVID-19 pandemic and subsequent economic downturn.\u00a0<\/span><\/p>\n

This process, known as quantitative tightening, involves draining liquidity from the financial system and shifting the burden of newly issued debt onto the private sector.<\/span><\/p>\n

US Dollar Caught In ‘Death Spiral’\u00a0<\/span><\/h2>\n

In addition to balance sheet reductions, the Fed has implemented rapid interest rate hikes to rein in soaring inflation. However, this approach has raised concerns about a potential counterproductive “death spiral” for the US dollar, potentially bolstering the value of Bitcoin.\u00a0<\/span><\/p>\n

Wood suggests that the Fed may be forced to adopt a more accommodating stance in response to a <\/span>US recession<\/span><\/a>. This shift would occur due to a larger-than-usual lag in the Fed’s interest rate hikes aimed at curbing inflation following the significant expansion of the money supply in 2020 and 2021.\u00a0<\/span><\/p>\n

Wood further explains:\u00a0<\/span><\/p>\n

Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the US dollar paper standard to the benefit of both gold bullion owners and also owners of Bitcoin. Meanwhile, Bitcoin, along with Ethereum and XRP to a lesser extent, has witnessed a surge in institutional interest, driven by the world’s largest asset manager, BlackRock.\u00a0<\/span><\/p><\/blockquote>\n

The CEO of <\/span>BlackRock<\/span><\/a>, Larry Fink, who had previously expressed skepticism towards Bitcoin, made a notable shift in June. Fink’s endorsement of Bitcoin sparked a rush among Wall Street investors toward cryptocurrencies.\u00a0<\/span><\/p>\n

With custodian arrangements in place for digital assets, Bitcoin has gained credibility as an investable option for institutional investors, presenting itself as an alternative store of value to gold.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu-Based BONE Gearing Up For Massive Rally, Here\u2019s Why<\/a><\/div>\n

In conclusion, the Federal Reserve’s monetary policy challenges and the growing <\/span>institutional interest <\/span><\/a>in Bitcoin and other major cryptocurrencies have created a perfect storm, propelling their prices to new heights.\u00a0<\/span><\/p>\n

Per the report, investors increasingly turn to digital currencies as potential hedges against inflation and storehouses of value as the US dollar faces uncertainty.<\/span><\/p>\n

\"Bitcoin
BTC’s drop on the daily chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

When writing, the leading cryptocurrency in the market is trading at $27,300, reflecting a decrease of over 2% in the past 24 hours. This decline follows an overall downtrend in the market since the beginning of the new trading week.<\/span><\/p>\n

Notwithstanding the recent drop, BTC is positioned above its critical 50-day and 200-day Moving Averages (MAs). This favorable positioning may support a rebound in the cryptocurrency’s value and prevent further decline, helping it maintain the crucial $27,000 milestone.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite initial expectations of a robust rally, major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and XRP have encountered a slowdown in momentum following a promising start in 2023. However, a prominent tech company’s leaked disclosure can alter this trajectory. With the Federal Reserve (Fed) grappling with a staggering $33 trillion US “debt death spiral,\u201d investment banking firm Jefferies analysts have warned that the Fed may be compelled to restart its money printing presses.\u00a0 This move could trigger the collapse of the US dollar and ignite a significant price boom for Bitcoin, rivaling the value of gold. Expert Advocates For Bitcoin As An Inflationary Safeguard A recent Forbes report indicates that Bitcoin’s highly anticipated halving event, expected to cause price volatility, is imminent.\u00a0 Christopher Wood, Jefferies’ global head of equity strategy, emphasized in a note to clients seen by CNBC that G7 central banks, including the Federal Reserve, are unlikely to withdraw from unconventional monetary policies smoothly.\u00a0Notably, Wood considers Bitcoin and gold as “critical hedges” against the resurgence of inflation. Related Reading: Bitcoin Trader Shares The \u201cOnly Chart\u201d You Need To Profit From BTC In 2024 Since spring of 2022, the Federal Reserve embarked on reducing its ballooning balance sheet of nearly $9 trillion, which expanded significantly during the COVID-19 pandemic and subsequent economic downturn.\u00a0 This process, known as quantitative tightening, involves draining liquidity from the financial system and shifting the burden of newly issued debt onto the private sector. US Dollar Caught In ‘Death Spiral’\u00a0 In addition to balance sheet reductions, the Fed has implemented rapid interest rate hikes to rein in soaring inflation. However, this approach has raised concerns about a potential counterproductive “death spiral” for the US dollar, potentially bolstering the value of Bitcoin.\u00a0 Wood suggests that the Fed may be forced to adopt a more accommodating stance in response to a US recession. This shift would occur due to a larger-than-usual lag in the Fed’s interest rate hikes aimed at curbing inflation following the significant expansion of the money supply in 2020 and 2021.\u00a0 Wood further explains:\u00a0 Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the US dollar paper standard to the benefit of both gold bullion owners and also owners of Bitcoin. Meanwhile, Bitcoin, along with Ethereum and XRP to a lesser extent, has witnessed a surge in institutional interest, driven by the world’s largest asset manager, BlackRock.\u00a0 The CEO of BlackRock, Larry Fink, who had previously expressed skepticism towards Bitcoin, made a notable shift in June. Fink’s endorsement of Bitcoin sparked a rush among Wall Street investors toward cryptocurrencies.\u00a0 With custodian arrangements in place for digital assets, Bitcoin has gained credibility as an investable option for institutional investors, presenting itself as an alternative store of value to gold.\u00a0 Related Reading: Shiba Inu-Based BONE Gearing Up For Massive Rally, Here\u2019s Why In conclusion, the Federal Reserve’s monetary policy challenges and the growing institutional interest in Bitcoin and other major cryptocurrencies have created a perfect storm, propelling their prices to new heights.\u00a0 Per the report, investors increasingly turn to digital currencies as potential hedges against inflation and storehouses of value as the US dollar faces uncertainty. When writing, the leading cryptocurrency in the market is trading at $27,300, reflecting a decrease of over 2% in the past 24 hours. This decline follows an overall downtrend in the market since the beginning of the new trading week. Notwithstanding the recent drop, BTC is positioned above its critical 50-day and 200-day Moving Averages (MAs). This favorable positioning may support a rebound in the cryptocurrency’s value and prevent further decline, helping it maintain the crucial $27,000 milestone. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":554694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,8856,656,679,755,1119,1144,8390,78790,6664,1558],"class_list":["post-554692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-halving","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin And XRP Set To Shine: Shock $8 Trillion Predicted Amid US Dollar 'Collapse'<\/title>\n<meta name=\"description\" content=\"Despite initial expectations, cryptocurrencies Bitcoin and XRP have encountered a slowdown 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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