Coinbase Executive’s Warning: Macro Factors Pose Short-Term Threat to Crypto Markets

In a recent interview with Scott Melker, David Duong, the head of institutional research at Coinbase, the leading US crypto exchange, raised concerns about the impact of macroeconomic factors on the cryptocurrency markets in the short term.

According to Duong, the growing strength of the US dollar and the relatively hawkish stance taken by central banks worldwide could potentially create headwinds for the crypto markets in the near future.

Duong emphasized the significance of the recent rebound of the US dollar, stating that it could have a substantial impact on cryptocurrencies since they are often measured against the USD. Additionally, he pointed out that interest rate differentials would play a crucial role, especially with an imminent Federal Reserve (FED) announcement on potential interest rate hikes. The European Central Bank (ECB) also expressed its desire to hike interest rates, but weak economic data, such as the Purchasing Manager’s Index (PMI) numbers, might hinder their plans. In contrast, Japan is reluctant to adopt a hawkish position and move away from yield curve control. These factors combined could result in a prolonged period of a stronger dollar, which could lead to uncertainty and discomfort for the crypto market.

However, Duong offered a glimmer of hope for cryptocurrency investors. He suggested that as we progress through the second half of 2023, the trading environment for digital assets may improve significantly. This optimism is rooted in the completion of the Mt. Gox settlements and the anticipation of Bitcoin’s upcoming halving scheduled for the next year.

“I believe that the latter half of this year will bring a more favorable environment. As we see the conclusion of the Mt. Gox distributions and discussions intensify about the upcoming halving of Bitcoin (BTC), investor sentiment might take a positive turn.”

Duong’s warning serves as a reminder that while short-term challenges may arise due to macroeconomic factors, long-term prospects for the cryptocurrency market remain promising. As the industry continues to mature, strategic decisions and an understanding of global economic trends will play a pivotal role in navigating the ever-evolving landscape of digital assets.

US Presidential Candidate Robert F. Kennedy Jr. Reveals Bitcoin Holdings Worth $100,000-$250,000 in Recent Financial Disclosures.

New information has emerged regarding the cryptocurrency investments of Robert F. Kennedy Jr., a candidate for the upcoming US presidential elections. According to recently filed financial disclosure forms, Kennedy owns a substantial amount of Bitcoin (BTC), estimated to be between $100,000 and $250,000.

Interestingly, this disclosure appears to contradict Kennedy’s previous statements made at the Bitcoin 2023 Conference in May, where he asserted that he had no investments in BTC. Dennis Kucinich, Kennedy’s campaign manager and a former congressman and presidential candidate himself, has now clarified the situation, informing CNBC that Kennedy’s Bitcoin acquisition took place after his remarks at the conference.

Kennedy, an environmental lawyer who declared his candidacy for the 2024 presidential campaign as a Democrat in April, faces an uphill battle for his party’s nomination. The incumbent President Joe Biden’s decision to seek a second term has significantly impacted Kennedy’s chances, with Biden maintaining an average polling percentage of approximately 64%, while Kennedy’s current rating stands at 14.4%, as reported by RealClearPolitics, a polling data aggregator.

In a noteworthy move earlier this year, Kennedy made headlines by announcing that his presidential campaign would be the first in American history to accept Bitcoin donations. He strongly believes that Bitcoin can serve as a safeguard against authoritarian censorship and has vowed to protect individuals’ right to use and hold Bitcoin if elected president.

Kennedy envisions a future where government institutions become more transparent and democratic, with Bitcoin leading the way towards this transformative vision. He states, “As president, I will ensure the inviolability of your right to utilize and possess Bitcoin. Bitcoin not only acts as a defense against totalitarianism and the manipulation of our monetary system but also points us towards a future where government institutions are more transparent and accountable.”

Insights from Expert Crypto Trader: Bitcoin (BTC) Poised for 2023 Highs Followed by Correction

According to a well-regarded crypto trader, who goes by the pseudonym Altcoin Sherpa, Bitcoin (BTC) may be gearing up for a significant surge, reaching new heights in 2023, before experiencing a subsequent correction. Altcoin Sherpa predicts that BTC could witness a single-digit percentage increase, potentially pushing its value to $32,000 from its present levels.

Altcoin Sherpa suggests that once Bitcoin reaches the projected milestone, it could undergo a significant drop following its modest rally. In their analysis, Altcoin Sherpa remarks, “BTC: The current trend appears to be slow and steady, but the next significant level to watch out for is $32,000 in my opinion. It seems probable that Bitcoin will reach this level before any substantial downward movement, potentially accumulating significant liquidity.”

While uncertain about the path beyond $32,000, Altcoin Sherpa speculates that BTC may continue its upward trajectory to $40,000. Nevertheless, their conviction remains fixed on the forthcoming achievement of $32,000.

Shifting focus to Ethereum (ETH) in comparison to BTC (ETH/BTC) trading, Altcoin Sherpa predicts a decline in Ethereum’s value against the flagship cryptocurrency, targeting the range low of approximately 0.05307000 BTC or $1,614. They believe that Ethereum’s performance against BTC serves as a reliable macro indicator for altcoins, indicating that if ETH/BTC performs poorly, it could impact the broader altcoin market negatively.

Altcoin Sherpa also offers insights on the memecoin Pepe (PEPE), noting a potential surge of nearly 45% from around $0.00000162 to $0.000002348 before the rally loses momentum. Regarding PEPE, Altcoin Sherpa maintains their exposure to the coin, expressing optimism that it may reach at least the 0.50 Fibonacci level before the current upward trend concludes, at which point they plan to secure profits.

As market enthusiasts eagerly await the unfolding of these predictions, Altcoin Sherpa’s analysis provides valuable insights into the potential future movements of Bitcoin, Ethereum, and the memecoin Pepe. However, it’s important to remember that the cryptocurrency market is highly volatile and subject to unexpected changes.

Renowned crypto strategist and trader, Credible Crypto, has sparked excitement among the crypto community with his bold prediction that Bitcoin (BTC) will reach an unprecedented all-time high before the end of 2023.

With an impressive following of 341,500 Twitter users, the pseudonymous analyst confidently foresees a remarkable surge of more than 130% from the current value of $30,057, in a matter of mere months.

In his tweet, Credible Crypto expressed his conviction that imagining Bitcoin’s surge would soon become a reality, with the digital asset rising at approximately double the current speed. Anticipation is high as he confidently declares new all-time highs for Bitcoin within the current year.

Backing up his claims with insightful charts, the trader illustrated a support level at around $50,000 in 2024 and further projected Bitcoin crossing the $70,000 level by early 2025. However, Credible Crypto remains steadfast in his forecast that Bitcoin will achieve these remarkable levels by the end of 2023.

Analyzing the Bitcoin dominance chart (BTC.D), the trader predicts a bullish trend in BTC.D until reaching its peak at approximately 58% in late 2023. Afterward, he expects a decline, which he believes will spark an immense altcoin run, indicating exciting prospects for alternative cryptocurrencies.

According to Credible Crypto’s expert analysis, BTC.D will continue its descent for the first seven months of the following year, hitting a low of approximately 35% in July 2024. At the time of writing, BTC.D is around 51.50%.

Referring to previous observations, the trader highlights the progress of BTC dominance, emphasizing that the expected trends have been unfolding as anticipated. As Bitcoin accelerates its upward trajectory, reaching new all-time highs, Credible Crypto confidently asserts that further gains are likely in the coming months, setting the stage for an alt season like no other since 2017. He predicts that various altcoins will have their moment to shine in this highly anticipated phase.

Credible Crypto also has his sights on Hedera Hashgraph (HBAR), an Ethereum (ETH) challenger. The trader cautions that HBAR’s bottom has not been reached yet and warns of a potential dip towards $0.040 should Bitcoin experience a market correction down to the $25,000 or $26,000 levels. However, he remains optimistic and promises to update HBAR enthusiasts once further confirmation on the bottom is obtained.

In conclusion, the crypto community eagerly awaits the unfolding of Credible Crypto’s predictions, as his track record and expertise have garnered him a significant following and his insights have proved valuable in the past. The anticipation of Bitcoin’s incredible surge and the potential alt season has traders and enthusiasts buzzing with excitement and hope for the future of the crypto market.

Presidential aspirant Robert F. Kennedy Jr. affirms his commitment to safeguarding the public’s freedom to own and engage in transactions using Bitcoin (BTC) once he assumes the highest electoral position in the nation.

In a recent tweet, the contender challenging incumbent President Joe Biden in the upcoming election reinforces his earlier statement made at the 2023 Bitcoin Conference held in Miami during May. At the conference, Kennedy unveiled his plan to reverse the government’s adversarial stance towards cryptocurrency.

Kennedy asserts that Bitcoin acts as a powerful defense against unwarranted intrusion by both government and corporate entities. He believes individuals should possess control over their private keys, just as they have ownership of the keys to their car or wallet.

“As president, I will ensure the inviolability of your right to own and utilize Bitcoin. Not only does Bitcoin serve as a bulwark against totalitarianism and manipulative practices in our monetary system, but it also points us towards a future where government institutions are more transparent and democratic.”

Despite his support for Bitcoin, the nephew of former President John F. Kennedy expresses opposition to the creation of a central bank digital currency (CBDC). In an interview with the New York Post, he articulates his concerns about potential abuse of the digital dollar.

“I stand against central bank digital currencies as they serve as tools of control and oppression, inevitably prone to abuse.”