PDAXScope: Bitcoin Tumbles Below $60K, Ether Under $3K

Crypto news

Bitcoin Tumbles Below $60K, Ether Under $3K; Correction Not Over, Says Strategist

Bitcoin experienced a significant drop, erasing its previous gains from Saturday's selloff recovery. During the Wednesday U.S. trading session, it fell below the $60,000 mark, hitting a low of $59,900, down over 3% in the last 24 hours. This is its lowest price since early March, even though it had briefly climbed back above $64,000 earlier in the day. Ether, the second-largest cryptocurrency, also saw a decline, dropping below $3,000 and decreasing by 2.5% over the same period.

Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions

Bitcoin's fourth mining-reward halving will be on April 20, 2024, reducing the cryptocurrency's per block emission to 3.125 BTC from 6.25 BTC, thereby slowing down the pace of new supply. Previous halvings have led to substantial rallies in BTC prices, and many in the crypto community anticipate a similar outcome this time. However, investment banking giant Goldman Sachs advised caution, noting that while past halvings were followed by price appreciation, the time taken to reach all-time highs varied significantly. They emphasized the importance of considering current macroeconomic conditions and warned against assuming that past cycles will precisely repeat.

Global news

Dollar takes a breather as investors ponder US rates outlook

The dollar weakened as traders considered the U.S. interest rate outlook following comments from Federal Reserve officials suggesting that monetary policy would remain restrictive for a while. Despite recent rises due to strong U.S. economic data and inflation concerns, the expectation of rate cuts in the near term has diminished. Additionally, tensions in the Middle East have contributed to the dollar's appeal as a safe asset.

US nods to 'serious' Japan, S.Korea concerns over slumping currencies

The United States, Japan, and South Korea held their first trilateral finance dialogue, agreeing to "consult closely" on foreign exchange markets. This agreement addresses concerns from Tokyo and Seoul about recent sharp declines in their currencies. The dialogue was prompted by receding expectations of a near-term U.S. interest rate cut, which pushed the yen to 34-year lows, leading to speculation about potential intervention by Japan to support its currency.

Local news

Peso won’t derail rate cuts in Q4

Governor Remolona, Jr. of the Philippine central bank stated that despite the peso's decline to a 17-month low, the bank plans to cut its key rate, possibly in the fourth quarter of the year. However, if economic conditions worsen, the rate cut might be postponed to the first quarter of 2025. The recent weakening of the peso, along with other regional currencies, is attributed to market expectations of delayed interest rate cuts by central banks worldwide, particularly the US Federal Reserve.

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