KEYTAKEAWAYS
- 10x Research maintains a bullish outlook on Bitcoin despite conservative Fed rate projections.
- Biden campaign explores accepting cryptocurrency donations to enhance voter appeal.
- Celebrity engagements in cryptocurrencies raise issues of regulation and transparency.
CONTENT
In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.
10X RESEARCH SUPPORTS BITCOIN DESPITE MODEST FED RATE CUT FORECAST
(source: 10x Research)
10x Research continues to back Bitcoin, even as it faces market pressures following the Federal Reserve’s conservative interest rate projections. The Fed kept the benchmark rate steady at 5.25%-5.5% and scaled back its rate cut forecast for the year from three to just one, following a weaker-than-expected Consumer Price Index (CPI) release. This news sent Bitcoin prices down, reversing a spike to $70,000 post-CPI to $67,400, per CoinDesk.
Despite the dip, 10x Research remains bullish on Bitcoin, advising clients to “stick with Bitcoin and avoid others like Ethereum.” Markus Thielen, the firm’s founder, notes that Bitcoin historically benefits from lower CPI figures, a trend he expects to continue. He also mentioned significant inflows into U.S.-listed Bitcoin ETFs, reflecting investor confidence that could prompt more rate cuts later as inflation pressures ease.
BIDEN TEAM MAY EMBRACE CRYPTO DONATIONS
(source: CoinGape)
As the U.S. presidential election heats up, former President Donald Trump has been vocal in his support for cryptocurrencies, opposing what he calls a “crusade” against them by the Biden administration. This stance has attracted crypto-savvy voters and donors.
Recently, rumors suggest that President Joe Biden’s re-election campaign is considering accepting donations in cryptocurrencies through Coinbase Commerce, a move akin to Trump’s strategy last month.
This potential shift is part of a broader strategy to connect with the crypto community, especially as Biden’s team faces criticism for not supporting more crypto-friendly legislation. The decision to accept crypto donations is still under discussion, highlighting the delicate balance candidates must strike between attracting new supporters and retaining their traditional base.
CELEBRITY CRYPTO VENTURES SPARK CONTROVERSY AND SCRUTINY
CNBC host Jim Cramer’s recent meetup with rapper Iggy Azalea at the NYSE caused a stir among crypto enthusiasts, coinciding with a surge in Azalea’s meme coin, $MOTHER. Meanwhile, controversial internet personality Andrew Tate is promoting his own cryptocurrency, $DADDY, amid findings of significant insider transactions associated with it.
With Iggy Azalea, after opening bell! pic.twitter.com/qpF8FXemQr
— Jim Cramer (@jimcramer) June 12, 2024
Tate’s actions have sparked concerns about insider trading and market manipulation within decentralized markets, underscoring the ongoing challenges of cryptocurrency regulation and transparency.
