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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

Podcast summary created with Snipd AI

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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