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According to JPMorgan, the BTC market may experience liquidity shock if traders lose faith in Tether (USDT). What is Tether? It is a stablecoin that is used in transactions to move between cryptocurrencies and fiat money. Tether’s value is linked to the USD on a 1:1 basis. Besides, in comparison to other cryptos such as the BTC that are “mined,” Tether is created on customer orders. As a result, some doubts appeared that Tether was used to increase the value of Bitcoin. According to JPMorgan, nearly 50%-60% of Bitcoin traded for USDT since 2019. Therefore, the loss of confidence in Tether may cause a fall in bitcoin’s value.
Indeed, there are some risks for Bitcoin in the short term, and the largest one is Tether. However, these risks are still low as cryptocurrencies are rising no matter what with major banks and big companies entering the crypto market. Elsewhere, in the last decade, crypto markets have yielded higher returns than most traditional investments. Finally, after presenting some risks for the crypto market, JPMorgan still claimed that its long-term target for Bitcoin is $146 000.
“Bitcoin’s competition with gold as an “alternative currency” will likely continue as millennials become a more important component of investors’ universe and given their preference for ‘digital gold’ over traditional gold,” said JPMorgan.
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Yesterday, the release of the US Inflation rate came out lower than the forecasts (0.1% vs. 0.3%). The soft figures pulled the US dollar index down by almost 1%. At the same time, S&P500, EURUSD, and gold strengthened. Today, the Fed will hold a meeting at 21:00 GMT+3. The Federal Reserve is widely expected to raise the interest rate by 50 basis points.
The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.
Goldman Sachs turns bullish on China, news from ECB, and Twitter's drama - everything you need to know in one place!
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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