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Bitcoin’s price is poised for further gains following a $1.7 billion reduction in leveraged trading positions on Dec. 9. Kooner said this deleveraging sets the stage for the next market rally, adding, “Excessive leveraged long positioning has been removed, creating a foundation for the next leg up in Bitcoin’s price.”
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An interest rate cut by the Fed would help Bitcoin finish the year at “record-breaking levels,” Kooner said. “Lower interest rates typically reduce borrowing costs, encouraging greater risk-taking among investors. Cryptocurrencies, as high-risk assets, often see inflows during such periods of increased liquidity. Additionally, the psychological boost from a dovish monetary stance can improve investor sentiment,” he added.
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The odds of a 25 basis-point rate cut currently stand at 96.7%, up from 82.5% a month ago, according to the latest data from the CME FedWatch tool.
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Bitcoin’s price is poised for further gains following a $1.7 billion reduction in leveraged trading positions on Dec. 9. Kooner said this deleveraging sets the stage for the next market rally, adding, “Excessive leveraged long positioning has been removed, creating a foundation for the next leg up in Bitcoin’s price.”
0 reply
1 recast
1 reaction
merfil89 pfp
merfil89
@merfil89
An interest rate cut by the Fed would help Bitcoin finish the year at “record-breaking levels,” Kooner said. “Lower interest rates typically reduce borrowing costs, encouraging greater risk-taking among investors. Cryptocurrencies, as high-risk assets, often see inflows during such periods of increased liquidity. Additionally, the psychological boost from a dovish monetary stance can improve investor sentiment,” he added.
0 reply
1 recast
1 reaction
merfil89 pfp
merfil89
@merfil89
The odds of a 25 basis-point rate cut currently stand at 96.7%, up from 82.5% a month ago, according to the latest data from the CME FedWatch tool.
0 reply
1 recast
1 reaction
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After Bitcoin rallied to all-time highs above $100,000 in early December 2024, El Salvador’s unrealized gains on its BTC purchases surged to more than $300 million.
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The local government has continued to acquire Bitcoin since, committing to buy one Bitcoin daily and accumulating 5,942 BTC as of November 2024.
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El Salvador has been purchasing BTC since adopting its Bitcoin Law in September 2021, making its first 200 BTC purchase on Sept. 6, 2021.
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In February 2023, the IMF urged El Salvador to address Bitcoin-related risks, arguing that its adoption of Bitcoin “had not materialized.” At the time, Bitcoin traded at around $21,600, according to CoinGecko data.
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As El Salvador was preparing to adopt Bitcoin law in July 2021, the IMF warned about customer difficulties related to the choice of Bitcoin versus fiat when it comes to payments. It stated:
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The IMF has been long opposing El Salvador’s adoption of Bitcoin, repeatedly warning the government and El Salvador President Nayib Bukele of the financial stability risks behind the decision to adopt Bitcoin as legal tender in September 2021.
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Expected to be finalized in the next two or three weeks, the deal is also anticipated to unlock another $1 billion of lending from the World Bank and $1 billion from the Inter-American Development Bank over the next few years.
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However, users are encouraged to stay clear of the account and not to interact with any links from the Cardano Foundation X page until the issue is fully resolved.
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El Salvador expects to reach an agreement with the IMF on a $1.3 billion loan deal in return for changes to its Bitcoin Law, the Financial Times reported on Dec. 9, citing people familiar with the matter.
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El Salvador, the first country in the world to accept Bitcoin as legal tender, is reportedly scaling back its BTC ambitions under pressure from the International Monetary Fund (IMF).
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After Bitcoin rallied to all-time highs above $100,000 in early December 2024, El Salvador’s unrealized gains on its BTC purchases surged to more than $300 million.
0 reply
3 recasts
12 reactions
merfil89 pfp
merfil89
@merfil89
The local government has continued to acquire Bitcoin since, committing to buy one Bitcoin daily and accumulating 5,942 BTC as of November 2024.
0 reply
2 recasts
13 reactions
merfil89 pfp
merfil89
@merfil89
El Salvador has been purchasing BTC since adopting its Bitcoin Law in September 2021, making its first 200 BTC purchase on Sept. 6, 2021.
0 reply
2 recasts
13 reactions
merfil89 pfp
merfil89
@merfil89
In February 2023, the IMF urged El Salvador to address Bitcoin-related risks, arguing that its adoption of Bitcoin “had not materialized.” At the time, Bitcoin traded at around $21,600, according to CoinGecko data.
0 reply
2 recasts
13 reactions