Bitcoin price slipped to a low of $66,304 as investors and traders stepped back and watched the crypto market from the sidelines this key macro week. Traders expected high volatility due to CPI, FOMC, PPI, and the Bank of Japan’s interest rate decision.,Crypto Fear and Greed Index climbs to 74 today from 70 yesterday due to cooling inflation and positive outlooks on interest rates from major central banks. However, miner capitulation has impacted Bitcoin price and crypto market recovery.,Merryn Somerset Webb of Merryn Talks Money podcast of Bloomberg talked to Charlie Morris, chief investment officer and founder of ByteTree, and Alexander Chartres, a fund manager at Ruffer about the current investment scenario.,Election year and current geopolitical conditions make both Bitcoin and gold desirable for investors, they discussed in detail. “We’re in a period of extraordinary regime change for markets,” said Ruffer’s Alexander Chartres. Crypto has taken a crucial shift in the current U.S. presidential elections as both presidential candidates Donald Trump and Joe Biden expressed support for Bitcoin and crypto adoption.,Charlie Morris of high-quality investment research firm ByteTree says most politicians in the election race in the US, Europe, and the UK this year aren’t even talking about bringing down debt and deficits. The U.S. budget deficit has hit over $1.2 trillion and IMF warned that soaring U.S. deficits fueling higher interest rates.,Both Chartres and Morris suggested investors needed to diversify their investment portfolios, with Bitcoin or gold must have in it, as per current excitement cues.,,Also Read: MicroStrategy Announces $500M Notes Sale To Buy More Bitcoin,The U.S. Federal Reserve diverged from peer central banks on interest rate cuts this year has caused investors to lose Bitcoin price momentum once again. The Fed now anticipating a single rate cut this year, compared to the three they projected recently in March. However, Wall Street banks expect a rate cut in September that could reverse markets to upside.,BTC price fell 2% before recovering some losses in the last 24 hours, with the price currently trading at $66,975. The 24-hour low and high are $66,304 and $68,337, respectively. Furthermore, the trading volume has decreased further by 25% in the last 24 hours, with no signs of trading activity.,QCP Capital said “BTC is struggling to recover post-FOMC despite the strong momentum in equities. Why the divergence? We think this is because BTC miners are undergoing the post-halving capitulation, directly capping the price.”,Also Read: Ripple Vs SEC – Can SEC Appeal Summary Judgment, Remedies Verdict On July 13?,
https://coinniu.com/why-this-is-the-right-time-to-buy-bitcoin-and-gold-bloomberg/
