Bitcoin

Gold

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 <a href="https://coingape.com/bitcoin-price-advances-us-cpi-inflation-cools/" target="_blank" rel="noopener noreferrer nofollow">CPI</a>, 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, <a href="https://coingape.com/bitcoin-miner-capitulation-can-extend-btc-price-drop-to-62500/" target="_blank" rel="noopener noreferrer nofollow">miner capitulation</a> has impacted Bitcoin price and crypto market recovery.
<h2 id="bitcoin-and-gold-desirable-amid-geopolitical-concerns">Bitcoin and Gold Desirable Amid Geopolitical Concerns</h2>
Merryn Somerset Webb of Merryn Talks Money podcast of <a rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2024-06-14/podcast-why-now-is-the-moment-for-bitcoin-and-gold" target="_blank">Bloomberg</a> 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 <a href="https://coingape.com/us-presidential-candidate-donald-trump-meets-bitcoin-miners-in-the-us-whats-cooking/" target="_blank" rel="noopener noreferrer nofollow">Donald Trump</a> 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.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Hedge Funds vs. ETFs, Central Banks and Gold – <a href="https://twitter.com/hashtag/Gold?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Gold</a> may be in the early days of a bull-market breakout, and <a href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETFs</a> could guide. Whether ETF holdings of the metal catch up to the price is a key question for 2H, and my bias is a shift to inflows might be near, especially if the… <a href="https://t.co/hLSrPmXrcJ" rel="noopener noreferrer nofollow">pic.twitter.com/hLSrPmXrcJ</a>
 — Mike McGlone (@mikemcglone11) <a href="https://twitter.com/mikemcglone11/status/1801253942854107460?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2024</a>
</blockquote>
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Also Read: <a href="https://coingape.com/microstrategy-announces-500m-notes-sale-buy-more-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">MicroStrategy Announces $500M Notes Sale To Buy More Bitcoin</a>
<h2 id="btc-under-pressure-after-fed-s-eyes-fewer-rate-cut">BTC Under Pressure After Fed’s Eyes Fewer Rate Cut</h2>
The <a href="https://coingape.com/glossary/federal-reserve-system/" target="_blank" rel="noopener noreferrer nofollow">U.S. Federal Reserve</a> 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, <a href="https://coingape.com/us-cpi-core-cpi-estimates-wall-street-signals-crypto-market-recovery/" target="_blank" rel="noopener noreferrer nofollow">Wall Street banks</a> expect a rate cut in September that could reverse markets to upside.
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> 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: <a title="Ripple Vs SEC: Can SEC Appeal Summary Judgment, Remedies Verdict On July 13?" href="https://coingape.com/ripple-vs-sec-lawyers-weighs-sec-xrp-appeal-settlement-final-judgment-date/" target="_blank" rel="noopener noreferrer nofollow">Ripple Vs SEC – Can SEC Appeal Summary Judgment, Remedies Verdict On July 13?</a>
The post <a href="https://coingape.com/why-this-is-the-right-time-to-buy-bitcoin-and-gold-bloomberg/" rel="noopener noreferrer nofollow">Why This Is The Right Time To Buy Bitcoin and Gold – Bloomberg</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Why This Is The Right Time To Buy Bitcoin and Gold – Bloomberg

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