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Bitcoin Price Placid Ahead of Fed Chair Remarks in Jackson Hole

Bitcoin Price Placid Ahead of Fed Chair Remarks in Jackson Hole

Bitcoin is still trading relatively flat as investors turn their attention to Jackson Hole in Wyoming, where Federal Reserve Chair Jerome Powell is slated to give a policy speech at the Fed’s symposium later today.

Experts say his comments will likely set the tone for September, and that close attention should be paid to Powell’s interpretation of market data and any hints about the scale and timing of future cuts.

In the hours leading up to Powell’s address, most major cryptocurrencies—not just Bitcoin—are trading relatively flat.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, is down 0.8% at $60,766.48, while Ethereum (ETH), the second-largest, has gained 0.5% to reach $2,654.94, according to data from CoinGecko.

For the crypto market, any surprises in this announcement could have significant implications. A more aggressive rate cut or a dovish outlook, could fuel a strong bullish momentum, as investors seek higher returns in alternative assets. But a less accommodating stance or a hint of future tightening could trigger volatility, potentially leading to a short term dip as investors reassess risk.

Speaking with Decrypt, Ryan Lee, Bitget Research’s chief analyst said the market might receive signals of “rate cut confidence” and “data dependence.” He expects Powell’s message to be similar to recent communications: the Fed is close to cutting rates, but the extent of easing will depend on upcoming data.

“As of now, the market expects a 73.5% probability of a 25 basis point cut or a 26.5% probability of a 50 basis point cut in September. The 10-year Treasury yield is around 3.85%, and the US Dollar Index is at 101.44,” Lee said.

Outlining potential scenarios, Lee said if dovish statements are made, the dollar index is likely to continue falling, the 10-year Treasury yield may keep declining, and the crypto market could gain momentum. Conversely, the opposite may occur.

The central focus of Powell’s speech is expected to be the Fed’s stance on interest rates, with analysts anticipating that Powell will outline the current state of the economy basis the available datapoints and guidance on what can be expected going forward.

In a note sent to Decrypt, Jag Kooner, Head of Derivatives at Bitfinex said Powell’s speech will be scrutinized for clues about the Fed’s rate decisions, especially in light of the significant 818,000 downward revision in US payrolls—the largest since 2009. This revision signals potential labor market weakness that could influence the Fed’s approach—and therefore cause some choppy action for Bitcoin.

While a 25 basis point (bps) rate cut in September is widely expected, with the CME Fedwatch Tool currently showing a 73 percent probability of a rate cut in September, the revised job data raises the possibility of a more aggressive 50 bps cut, as the Fed may act to mitigate faster-than-anticipated economic softening.

“Despite the downward revision, the broader economic indicators, such as GDP and jobless claims, suggest the economy is not in the same dire state as during the 2009 recession,” Kooner said. “This mixed data could result in Powell maintaining a cautious tone, emphasizing the Fed’s data-dependent stance.”

The crypto community is closely watching for any signals that could influence market sentiment.

Providing context on the potential implications for the crypto market, intergovernmental blockchain expert Anndy Lian told Decrypt that based on the current market sentiments, the expectation of a rate cut is inevitable and is already priced in.

Bitfarms has acquired Stronghold Digital Mining, a “strategic” move that could help the Bitcoin miner resist a hostile takeover by its rival Riot, several experts told Decrypt.  Bitfarms agreed this week to purchase the crypto mining firm in a $175 million deal, the company said Wednesday. Market watchers say the deal will boost Bitfarm’s valuation and operations, making the firm a more challenging acquisition target for its competitor. “By acquiring Stronghold now, Bitfarms demonstrates that it…

If it happens, it will be the first in over four years. Rate cuts generally make riskier asset classes, including cryptocurrencies and stocks, look more attractive to asset managers.

“I believe there will be an increase in liquidity. This happens because lower interest rates encourage borrowing and spending, putting more money into circulation,” Lian said. “Some of this liquidity tends to flow into riskier assets like crypto, seeking potentially higher returns.”

A rate cut can also weaken the U.S. dollar, which could push investors to seek higher yields elsewhere.

A weaker dollar can make dollar-denominated assets, like Bitcoin, more attractive to international buyers, potentially driving up demand and price, Lian said.

However, if inflation persists despite the rate cut, the Fed might be forced to increase interest rates, resulting in reduced market liquidity and lower investor risk appetite.

 

Source: https://decrypt.co/246094/bitcoin-price-placid-ahead-of-fed-chair-remarks-in-jackson-hole

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Looking ahead 2030 – How crypto will shape the future of finance

Looking ahead 2030 – How crypto will shape the future of finance

The year is 2030. The world has changed dramatically in the past decade, especially in the field of finance. Cryptocurrencies, once considered a niche and speculative asset class, have become mainstream and widely adopted by millions of people around the world. What are the factors that have contributed to this rapid growth and popularity of crypto? And what are the challenges and opportunities that lie ahead for the crypto industry and its users?

One of the main drivers of crypto adoption is the innovation and development of the underlying technology, blockchain. Blockchain is a distributed ledger that records transactions in a secure, transparent, and immutable way. It enables peer-to-peer transactions without intermediaries, reduces costs and friction, and enhances efficiency and trust.

Blockchain has enabled the creation and proliferation of various types of crypto assets, such as Bitcoin, Ethereum, stablecoins, utility tokens, security tokens, non-fungible tokens (NFTs), and more. These assets have different use cases and value propositions, such as store of value, medium of exchange, digital representation of real-world assets, access to decentralized applications (DApps), and ownership of digital collectibles.

According to a study conducted by Grand View Research, Inc., the global cryptocurrency market size is expected to reach USD 11.71 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2030. The study attributes this growth to the increasing demand for crypto assets among retail and institutional investors, the growing adoption of blockchain technology in various sectors, and the supportive regulatory environment in some countries.

Popularity and Mainstream Adoption

Another factor that has boosted crypto adoption is the increasing awareness and education among the general public. More people are becoming familiar with the benefits and potential of crypto, such as financial inclusion, empowerment, privacy, and sovereignty. Crypto adoption is also facilitated by the availability and accessibility of various platforms and services, such as exchanges, wallets, payment processors, lending platforms, and more.

According to a report on Github, it is estimated that the number of crypto users will reach one billion by 2030, based on a historical growth rate of 63.2% per year. The report also identifies the key drivers of crypto adoption, such as the growth of Bitcoin and Ethereum, the emergence of DeFi and NFTs, the launch of institutional products and services, and the endorsement of celebrities and influencers.

Decentralization: The Core of Web3

One of the most significant and revolutionary aspects of crypto is decentralization. Decentralization means that no single entity or authority controls or governs the network, the protocol, or the data. Instead, the power and responsibility are distributed among the participants, who are incentivized to cooperate and coordinate through consensus mechanisms and economic models.

Decentralization is the core of Web3, the next generation of the internet that is built on blockchain and other distributed technologies. Web3 aims to create a more open, fair, and democratic web, where users have more control and ownership over their data, identity, and digital assets. Web3 also enables the development of new types of applications and services that are decentralized, peer-to-peer, and censorship-resistant.

Some of the examples of Web3 applications and services are:

  • Decentralized Applications (DApps): These are applications that run on a decentralized network, such as Ethereum, and use smart contracts to execute logic and transactions. DApps can provide various functions and features, such as gaming, social media, e-commerce, and more.
  • Smart Contracts: These are self-executing contracts that are encoded on the blockchain and perform actions based on predefined rules and conditions. Smart contracts can facilitate trustless and transparent transactions, such as escrow, swaps, and auctions.
  • Governance and DAOs: These are mechanisms and organizations that enable the collective decision-making and management of a network, a protocol, or a project. Governance and DAOs allow the stakeholders to propose, vote, and implement changes and improvements, such as upgrades, parameters, and policies.
  • DeFi: This is a term that refers to the decentralized and open financial system that is enabled by blockchain and smart contracts. DeFi aims to provide alternative and innovative financial services and products, such as lending, borrowing, trading, investing, and saving, without intermediaries or intermediaries.
  • Web4: This is a term that refers to the future evolution of the web, where the physical and digital worlds are integrated and augmented by technologies such as artificial intelligence, virtual reality, and the internet of things. Web4 will enable new forms of interaction, communication, and expression, such as immersive experiences, holograms, and avatars.

Challenges and Opportunities

Despite the remarkable progress and potential of crypto, there are still many challenges and uncertainties that need to be addressed and overcome. Some of the main challenges are:

  • Regulation and Compliance: The legal and regulatory status of crypto varies widely across different jurisdictions and regions. Some countries have adopted a friendly and supportive approach, while others have imposed bans or restrictions. The lack of clarity and consistency in regulation and compliance can pose risks and barriers for crypto users, developers, and businesses.
  • Security and Scalability: The security and scalability of crypto networks and platforms are essential for ensuring the reliability, performance, and user experience of crypto. However, there are still many technical and operational challenges and trade-offs that need to be solved and optimized, such as network congestion, high fees, hacking attacks, and human errors.
  • Education and Adoption: The education and adoption of crypto are crucial for achieving the vision and mission of crypto. However, there are still many gaps and obstacles that need to be bridged and overcome, such as the lack of awareness, understanding, and trust, the complexity and usability of crypto, and the resistance and inertia of the incumbents and the status quo.

On the other hand, there are also many opportunities and possibilities that crypto can offer and explore. Some of the main opportunities are:

  • Innovation and Development: The innovation and development of crypto are driven by the creativity and collaboration of the crypto community, which consists of diverse and talented individuals and groups from various backgrounds and disciplines. The crypto community is constantly experimenting and iterating on new ideas and solutions, such as layer-2 protocols, interoperability standards, and privacy-enhancing technologies.
  • Inclusion and Empowerment: The inclusion and empowerment of crypto are enabled by the accessibility and affordability of crypto, which can reach and serve anyone with an internet connection and a smartphone. Crypto can provide financial and social inclusion and empowerment to the unbanked and underbanked, the marginalized and oppressed, and the aspiring and ambitious.
  • Transformation and Disruption: The transformation and disruption of crypto are manifested by the impact and influence of crypto on various sectors and industries, such as finance, media, art, and gaming. Crypto can transform and disrupt the existing models and paradigms, such as intermediation, centralization, and monetization, and create new and better alternatives, such as peer-to-peer, decentralized, and tokenized.

Conclusion

Crypto is not just a technology, a currency, or an asset. It is a movement, a culture, and a vision. It is a movement that aims to create a more open, fair, and democratic world. It is a culture that values innovation, collaboration, and diversity. It is a vision that imagines a future where everyone can participate, contribute, and benefit from the digital economy.

As we look ahead to 2030, we can expect crypto to continue to grow, evolve, and mature, and to face new challenges and opportunities. We can also expect crypto to shape the future of finance, and beyond. Crypto is not only the future of money, but also the future of the web, and the future of the world.

 

 

Source: https://www.financialexpress.com/business/digital-transformation-looking-ahead-2030-how-crypto-will-shape-the-future-of-finance-3310083/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Closing Speech by Anndy Lian: Looking Ahead 2030

Closing Speech by Anndy Lian: Looking Ahead 2030

Fast forward to the year 2030, and we find ourselves in a world dramatically altered over the past decade, especially in finance. What was once a niche and speculative asset class, cryptocurrencies have now transitioned into the mainstream, embraced by millions across the globe. What factors have propelled this astonishing growth and widespread adoption of crypto, and what challenges and opportunities lie ahead for the crypto industry and its users?

The Swift Expansion of Cryptocurrencies

At the core of the crypto revolution is the innovation and evolution of blockchain technology. Blockchain, a distributed ledger system, records transactions in a secure, transparent, and immutable manner. It facilitates peer-to-peer transactions without intermediaries, reducing costs, minimizing friction, and enhancing efficiency and trust.

Blockchain’s transformative power has paved the way for the emergence of various crypto assets, including Bitcoin, Ethereum, stablecoins, utility tokens, security tokens, non-fungible tokens (NFTs), and more. These digital assets serve diverse purposes, ranging from acting as a store of value and medium of exchange to representing real-world assets digitally, offering access to decentralized applications (DApps), and enabling the ownership of digital collectibles.

A study by Grand View Research, Inc. forecasts the global cryptocurrency market to reach USD 11.71 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2030. This growth is attributed to the surging demand for crypto assets among both retail and institutional investors, the increasing integration of blockchain technology in various sectors, and the favorable regulatory climate in some countries.

Rising Popularity and Mainstream Acceptance

Another driving force behind crypto adoption is the growing awareness and education among the general public. More individuals are becoming acquainted with the benefits and potential of cryptocurrencies, such as financial inclusion, empowerment, privacy, and sovereignty. The availability and accessibility of various platforms and services, including exchanges, wallets, payment processors, lending platforms, and more, further facilitate this adoption.

A report on Github estimates that the number of crypto users will surpass one billion by 2030, based on a historical growth rate of 63.2% per year. The report identifies key drivers of crypto adoption, including the expansion of Bitcoin and Ethereum, the advent of DeFi and NFTs, the introduction of institutional products and services, and endorsements from celebrities and influencers.

Challenges and Opportunities

Despite the remarkable progress and potential of crypto, several challenges and uncertainties demand attention:

– Regulation and Compliance
– Security and Scalability
– Education and Adoption

On the flip side, numerous opportunities await exploration within the crypto space:

– Innovation and Development
– Inclusion and Empowerment
– Transformation and Disruption

Conclusion

Crypto transcends being merely a technology, currency, or asset—it represents a movement, a culture, and a vision. It is a movement that strives to build a more open, fair, and democratic world. It is a culture that values innovation, collaboration, and diversity. It is a vision that foresees a future where everyone can participate, contribute, and reap the benefits of the digital economy.

Looking ahead to 2030, we can anticipate the continued growth, evolution, and maturation of crypto, with new challenges and opportunities on the horizon. Crypto’s impact extends beyond being the future of money; it encompasses the future of the web and, indeed, the future of the world.

The BCH Meet up was held in South Korea on 28 October 2023. The closing speech is made by Anndy Lian. He is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, public listed companies and governments.

The full write-up will be found at https://anndy.com.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j