American Fed Fear Pauses Bitcoin’s Advance While MAGA Coin Loses 95%
Last Updated on 6 November 2023 by CryptoTips.eu
The American investor isn’t quite sure what to make of the economic news coming out of Wall Street. After a spectacular start to the year, market seem to have taken a break. Due to the high correlation between US tech stocks and Bitcoin, the latter has also been caught between a level of $22,500 and $25,000 for several days now, without really choosing a direction. In political news, the media laughs at the demise of Steve Bannon’s MAGA coin, which lost about 95% in a year.
Inflation and interest rates
Major American stock markets like the Dow Jones Industrial Average and the S&P 500 have found themselves under pressure this week as investors worry that the Federal Reserve will keep aggressively raising interest rates this year as central banks around the world continue to battle inflation.
Crypto markets started the year very positive, but are now pausing as well.
There’s clearly belief returning to crypto markets and some confidence that the darkest days are behind it.
Explained Craig Erlam, an analyst at broker Oanda.
If the newsflow can remain onside then that could prove to be the case and a break of $24,500-$25,500 could further fuel that belief.
#Bitcoin#BTC
— Seth (@seth_fin) February 22, 2023
I know I scared alot of you with my 1h and 4h chart analysis! Now back to the weekly chart so we get some confident!$BTC vs $QQQ aka Nasdaq!
If they tell you Bitcoin isn't coupled with US indices, then u tell them stop smoking crack! 🤌
Lets hope we bounce here! pic.twitter.com/UNrJCKayn9
The technical picture of the world’s biggest cryptocurrency is clearly improving, with key levels just north of $25,000 in sight.
Our long-term momentum gauges still point lower, but we would view a confirmed breakout (consecutive weekly closes above $25,200) resistance as a bullish long-term development.
Said Katie Stockton of Fairlead Strategies.
MAGA coin crashes
The one and only MAGA (Make America Great Again) coin launched by Steve Bannon (the architect behind the election of Donald Trump as US President in 2016) has lost about 95% of its value a year after its official launch.
The digital currency known as $FJB (which officially means Freedom Jobs Business, and unofficially is shorthand for “F**k Joe Biden”) was originally launched in December 2021 by Bannon who has spoken very little about it since.
At its peak, the project was worth some $90 million, and according to Rolling Stone magazine, the founders got most of that money for themselves. Bannon has not yet commented on the news.
