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The Bitcoin Layer
Global Macro Update: Bitcoin Bounces 10%, Economy Falters
May 3, 2024
The podcast discusses Bitcoin's correlation with the stock market, US government's stance on inflation, and recent weak economic data. It covers the FOMC meeting, Jerome Powell's press conference, and US Treasury deficit funding. Also, delves into the impact of Japanese yen devaluation, Chinese currency, Bitcoin price action, and global macroeconomic factors.
31:37
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Quick takeaways
- Bitcoin experienced a 10% drop post breach at $62,000 with resistance at the green trend line, signaling consolidation.
- US Treasury's refunding announcements indicate steady debt supply levels amidst economic data pointing towards a potential recession.
Deep dives
Currency Intervention in Japan
Japan's currency, the yen, has experienced a significant devaluation against the dollar, prompting the government to intervene in the market to prevent further decline. The Ministry of Finance and the Bank of Japan collaborated to weaken the yen, indicating Japan's readiness to support its currency. This intervention included selling dollars and buying yen, impacting the USD/JPY pair and possibly halting a potential Chinese devaluation.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode