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While Bitcoin remains relatively stable in and around the $10,000 mark there is growing concern about the global economic state as the US federal reserve has had to take some drastic measures to try and ease the ongoing pressure and potential of an economic down turn.
The belief is, that with the global economy taking strain, Bitcoin could well benefit as many feel that the digital currency can operate as an alternative, and even as a global hedge against poor economic growth.
There has been a fresh bout of quantitative easing coming from the federal reserve that saw the Fed act in order to decrease interest rates on some loans which reached more than 10%, or four times its target. More than $53 billion was pumped into the economy.
This sudden increase in the supply of fiat money available has huge macroeconomic ramifications and will play a role in decreasing the faith and belief of the US dollar. At the same time, it will also go a long way to boost the investment and adoption of Bitcoin as an alternative.
Arthur Hayes, CEO of derivatives giant BitMEX, took note of this and forecast that fresh quantitative easing would further decrease faith in fiat currency.
Hayes took to twitter to point out that the Fed’s decision to try and ease pressure may lead Bitcoin quickly back to its all time high of $20,000, and perhaps even higher.
QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” Hayes wrote.
There are a number of concerns emanating around the world when it comes to traditional markets. The Federal Reserve is doing its bit to try and stimulate spending and also decrease the want for saving.
In fact, President Donald Trump has even called on them to implement negative interest rates which would make it so that if one stored money in a bank they would not earn anything, but in fact would have to pay for the service.
It is not only the US, which is also in a trade war with China, but the Europeans that are taking measures to try and ease the economic pressure that is building. The European Central Bank has also started implementing Quantitative Easing by releasing a package of renewed bond-buying and an interest-rate cutting.
Even with the downfall of the traditional economy seemingly in motion, the other side of the coin asks if Bitcoin can really be used as a hedge, and if it will attract the business that leaves the economies of the globe. Many have put forward their reasons as to why; including a maturing and greatly adopted market, but others are looking to gold to be the true alternative in this upcoming time of financial uncertainty.
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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
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