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Peter Davis

An writer at FOMOdrive

  • Sep 14, 2023
  • 2 min read

Bloomberg warns of 'hard times' for Bitcoin

Bitcoin is negatively impacted by the Federal Reserve's reduction of liquidity.

The estimate of BTC mining costs by JPMorgan has been reduced.

The IMF has cautioned against implementing a full prohibition on cryptocurrencies.

Fidelity has determined the fair value of Ethereum.

Three cryptocurrency platforms have been fined by the Commodity Futures Trading Commission (CFTC).

Mike McGlone, a strategist from Bloomberg Intelligence, cautioned investors that the correction of Bitcoin was not without cause, and that the upcoming period for cryptocurrencies will be challenging due to the tightening of monetary policy. Despite the potential approval of spot ETFs, BTC dropped 15% in the third quarter.

Nicholas Merten, the host of the YouTube channel DataDash, predicted that in the near future, cryptocurrencies and shares of FAANG companies will likely show mediocre returns. He attributed his pessimistic outlook to the tightening liquidity in the markets caused by the Federal Reserve's policy of reducing its balance sheet by approximately $100 billion each month.

JPMorgan has revised its estimation of the cost of mining 1 BTC from $21,000 to $18,000, due to miners frequently transitioning to newer, more sophisticated equipment. The bank believes that alterations in electricity prices will have a reduced effect on mining productivity.

The three Delaware-based cryptocurrency platforms Opyn, ZeroEx and Deridex have been fined by the U.S. Commodity Futures Trading Commission (CFTC) for engaging in unregistered cryptocurrency derivatives trading and operating without a license.

LBRY, a decentralized platform, has decided to continue its litigation with the SEC despite the court's previous ruling that LBC tokens are securities. This decision was made in light of recent legal victories of crypto companies over the regulator.

A joint report on the regulation of cryptocurrencies, published by the International Monetary Fund and the Financial Stability Board (created by the G20 countries), warned against introducing a complete ban on digital assets.

Fidelity Digital Assets, an asset management company, conducted an analysis of Ethereum's performance and concluded that the fair value of the second largest cryptocurrency should be $2,090, which is nearly 30% higher than its current price.

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