Here’s what the U.S. government shutdown may mean for Bitcoin

2023-9-29 20:08

James Butterfill expects Bitcoin to rally if the U.S. government shuts down. BTC has a history of performing quite well in times of uncertainty. The world’s largest cryptocurrency is already up close to 4.0% today.

Bitcoin will likely rally if the U.S. government does indeed shut down on October 1st, says James Butterfill – the Head of Research at CoinShares.

Why may BTC rally on shutdown?

The world’s largest cryptocurrency by market cap is already up close to 4.0% on Thursday as the U.S. government started sending out notifications to federal employees that a shutdown may be imminent.

And that rally may extend when the shutdown actually begins, as per CoinShares’ Butterfill.  Because the investors could read the funding lapse as a sign of instability and turn to Bitcoin for refuge.

This scenario bears resemblance to the debt ceiling stalemate experienced earlier this year, which ended up bolstering Bitcoin prices.

Bitcoin continues to find a strong support at the $25,000 level.

U.S. banks still have downside risks

Note that Bitcoin saw strength when the likes of Silicon Valley and Signature banks collapsed earlier this year. That speaks a lot about its ability to outperform in times of uncertainty.

And the U.S. financial institutions may not entirely be out of the woods just yet. Martin Gruenberg – Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) recently warned that inflation and higher rates continue to be a significant downside risk for the banking space.

Another near-term tailwind for BTC could be the approval of a Spot Bitcoin ETF – for which the U.S. lawmakers pushed SEC Chair Gary Gensler just a day earlier (find out more).

On Thursday, Rob Ginsberg of Wolfe Research also said that Bitcoin was worth investing at its current price.

The post Here’s what the U.S. government shutdown may mean for Bitcoin appeared first on CoinJournal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 69991.41 (-0.49%)
Îáúåì 24H $59.726b
Èçìåíåèÿ 24h: 3.28 %, 7d: 13.89 %
Cåãîäíÿ L: $68995.48 - H: $71441.63
Êàïèòàëèçàöèÿ $1378.93b Rank 1
Öåíà â ÷àñ íîâîñòè $ 27008.24 (159.15%)

bitcoin government uncertainty times well performing quite

Èñòî÷íèê: coinjournal.net

bitcoin government → Ðåçóëüòàòîâ: 126


Ôîòî:

Ripple And XRP Prone To More Wins As SEC Reportedly Argues It Never Declared Bitcoin And Ether Compliant Cryptos

The issue of compliance to government regulatory controls has a thorn in the neck of crypto projects, and it may have actually stalled some of them. However, those strong enough like Bitcoin and Ethereum have managed to press on, even through years of restrictive and hostile government reactions. Now, things are looking up for the […]

2021-12-14 15:23


Ôîòî:

Iran Government Blames Bitcoin Miners For Power Outages, Bans Crypto Mining For 4 Months

Bitcoin miners have been on the hot seat this year. The market recently reacted to the Chinese government cracking down on mining activities with investors rolling out cash from the Bitcoin market. The unrest seems to be far from over as the Iranian government has also clamped down on cryptocurrency activities in the country. According […]

2021-5-27 20:46


State Newspaper In China Headlines Bitcoin To Millions Of Readers; Not All Positive Though

The Chinese government is strongly supporting the push towards blockchainizing its economy as seen by President’s Xi’s latest remarks on blockchain technology. While the government makes steps towards fully adopting the technology, certain sections remain disturbed by bitcoin’s public nature, volatility and the use of crypto in aiding criminal activities. State Chinese newspaper headlines Bitcoin […]

2019-11-11 16:49


Bitcoin is Dying in This G20 Giant Because of its Suffocating Government

  It is quite evident by now that the government of India doesn’t like bitcoin in particular and cryptocurrencies in general. Regulators in the country have officially clamped down on bitcoin and other cryptocurrencies, with a draft legislation making it clear that holding, buying or selling cryptocurrencies in the country is a crime.

2019-7-23 16:39


Ôîòî:

US Government ‘Can’t Kill’ Bitcoin Because Source Code is Speech

Based on the legal precedence surrounding cryptographic communication, it is highly unlikely that the U. S. government can ban bitcoin. ‘Uncle Sam’ Can’t Shut Down Bitcoin With the storm of attention being paid to Facebook’s Libra project, there has been some talk of whether such attention could spill over to BTC in the form of a government-sanctioned bitcoin ban.

2019-7-17 18:30


Ôîòî:

California Passes Bill Defining Blockchain and Crypto Terms

A draft law designed to amend California’s legislation to create legal grounds for the implementation of crypto-related technologies has been passed by the state’s legislature. Assembly Bill 2658 amends the California Civil Code, Government Code, Corporations Code, and Insurance Code to legalize the use of blockchain secured data and smart contracts in local and foreign […] The post California Passes Bill Defining Blockchain and Crypto Terms appeared first on Bitcoin News.

2018-9-3 14:05


Ôîòî:

Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys Exchanges

In recent news pertaining to exchanges, Sfox has attributed a reducing spread in the price of BTC across exchanges to the increased presence of institutional investors in the cryptocurrency markets, Brazil’s government has issued a questionnaire to three local crypto exchanges seeking to obtain data pertaining to their operations, and data from the United States […] The post Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys Exchanges appeared first on Bitcoin News.

2018-9-1 20:05


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Is Bitbot worth buying as experts remain bullish on financial markets for 2024?

Financial markets are broadly expected to do well this year – be it cryptocurrencies or equities. And that makes up for a good enough reason to be engaged with a trading bot. Why are experts bullish on financial markets for 2024? Reasons why experts are bullish on financial markets are plenty. These include the launch […]

Eldarune secures 50,000 IMX grant from Immutable as part of a new strategic collaboration

Eldarune just announced a strategic collaboration with Immutable that will see it receive a grant of 50,000 IMX tokens from the Web3 games development platform as well. Details of Eldarune-Immutable partnership The milestone-based grant from Immutable is exclusive to Heroes of Eldarune – a flagship trading card game (TCG) of the Web3 game studio. Immutable […]

Is Algotech a ‘buy’ after reports of Bezos involvement in Amazon AI efforts?

Jeff Bezos is reportedly concerned that Amazon.com Inc may be falling behind its big tech peers in artificial intelligence. Bezos sees transformative potential in AI An anonymous source that talked to CNBC this week also revealed that the founder and former chief executive is “very involved” in what $AMZN is doing to excel in the […]

US Senate votes to overturn SEC rule, allowing regulated firms to hold Bitcoin

60-38 in the Senate voted in favour of overturning the SEC rule. Bipartisan support signals a potential shift in crypto regulation. Presidential veto possible. In a landmark decision, the US Senate has voted to overturn a key Securities and Exchange Commission (SEC) rule that barred regulated financial firms from holding Bitcoin and other cryptocurrencies.

Jack Dorsey predicts Bitcoin will reach $1 million by 2030 amid regulatory challenges

Twitter co-founder Jack Dorsey has projected that Bitcoin’s value could soar to at least $1 million by the year 2030. In a recent interview with journalist Mike Solana on Pirate Wires, Dorsey shared his bullish outlook for the cryptocurrency, suggesting that it might even surpass this milestone within the next decade. This statement comes as […]

KangaMoon price prediction after Pompliano’s bullish remarks on Bitcoin

The sell-off in Bitcoin following the halving event was not unexpected, says Anthony Pompliano. He’s the founder of Pomp Investments.  What Pompliano said in a CNBC interview BTC now has its 200-day MA at a record high despite recent volatility which suggests the world’s largest cryptocurrency “continues to trend upwards over the long run”, he […]