The Breakdown The Five Most Important Stories in Crypto This Week
Jun 8, 2024
NLW and Scott Melker discuss Biden's veto of SAB 121 and its political significance, challenges faced by Biden in gaining support, ECB and Bank of Canada rate cuts impact on global economy, Robinhood's expansion strategies, price predictions for Bitcoin and Ethereum, Wall Street's perception of crypto, GameStop frenzy, and rise of meme coins.
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Bitcoin's Price Sensitivity to Macro Data
- Bitcoin's price reacted sharply to the June 2024 jobs report, demonstrating market sensitivity.
- Initial sell-off due to strong job growth reversed as unemployment rose, suggesting potential rate cuts.
Biden's Veto and Political Calculus
- Biden's veto of SAB121, despite bipartisan support, may reflect broader political calculations beyond crypto.
- His administration's stated eagerness for a balanced regulatory framework seems at odds with this action.
Global Rate Cuts and U.S. Divergence
- The ECB and Bank of Canada cutting rates shows global concern for economic weakness over inflation.
- The U.S., with a comparatively stronger economy, may not follow suit despite market expectations.