• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields

January 19, 2021
in Bitcoin
Reading Time: 3min read
Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields




Bitcoin started the new week on strong note, finishing higher on Monday amid speculative bets against Treasury secretary nominee Janet Yellen’s confirmation hearing in Washington, where she will make a case for large-scale fiscal budgets to cushion the economic fallout led by COVID-19.

The flagship cryptocurrency, which has earned itself the tag of “digital gold” for its anti-inflation similarities with the yellow metal, surged 2.23 percent to finish near $36,616 on Monday. Its upside move matched trends in the US stock market, where the S&P 500, the Dow Jones, and the Nasdaq Composite indexes all rose in tandem.

Bitcoin, BTCUSD, BTCUSDT, cryptocurrency

Bitcoin consolidates inside a Symmetrical Triangle structure. Source: BTCUSD on TradingView.com

Debt Bubble

In the past four years, the US administration has pushed its debt load by almost $7 trillion, bringing the total amount to near $21.6 trillion. President-elect Joe Biden plans to boost government spendings by at least a trillion dollar. The move would put the US economy in lines with other debt-struck economies such as Greece, Japan, and Italy.

Ms. Yellen supports the dovish policy, arguing that the US “risked a longer, more painful recession” and “long-term scarring” if it didn’t launch expansive fiscal stimulus.

“Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden,” Ms Yellen said, according to her prepared remarks witnessed by the Financial Times.

“But right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”

Macro analyst Dan Tapiero remains convinced that Ms. Yellen’s policy would push the bitcoin and gold prices further upward. The DTAP Capital founder asserted in his tweet Tuesday that “[maximum] fiscal and monetary stimulus until current unemployment rate of 6.7 percent drops back to 4 percent.”

“Just HODL,” the analyst added, referring to the popular slang that asks investors to hold Bitcoin long-term without focusing on short-term price iterations.

Bitcoin against Rising Yields

Meanwhile, Bitcoin faces a short-term threat from rising bond yields.

So-called real yields on Treasuries—a metric that tracks potential returns from bonds after adjust them with inflation—rose from a record low of minus 1.2 percent to over 0.95 percent.

Analysts including Leslie Falconio, senior fixed-income strategist at UBS Global Wealth Management, expects the yields to go higher. The same happened in the aftermath of Federal Reserve’s tapering tantrum in 2013. Bitcoin could trade these headlines as more and more institutions restructure their portfolios to accommodate higher-yielding debts.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BitcoinDovishHangsOutlookPriceRisingWeeklyYellenYields
Next Post
MassMutual’s $100M Bitcoin Investment Marks Adoption Milestone: JPMorgan

Bitcoin's Price Must Pass $40K to Halt Exodus of Traders: JPMorgan Analysts

Ethereum Hits Three-Year High as Bitcoin Volatility Dims; Record Highs Ahead?

Ethereum Hits Three-Year High as Bitcoin Volatility Dims; Record Highs Ahead?

Don't Miss

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls
Bitcoin

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

by Lascena Cryptocurrency News Education
March 5, 2021
0

Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of...

Read more
Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

March 5, 2021
BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

March 5, 2021
Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

March 5, 2021
BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

March 5, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$47,255.00-4.18%
  • ethereumEthereum(ETH)$1,479.30-4.64%
  • tetherTether(USDT)$1.010.28%
  • cardanoCardano(ADA)$1.13-5.12%
  • Binance CoinBinance Coin(BNB)$222.81-7.47%
  • PolkadotPolkadot(DOT)$33.00-8.88%
  • rippleXRP(XRP)$0.4575091.65%
  • litecoinLitecoin(LTC)$174.24-5.91%
  • chainlinkChainlink(LINK)$26.57-8.59%
  • bitcoin-cashBitcoin Cash(BCH)$483.55-6.26%