THELOGICALINDIAN - Hi Everyone
While I’m animated that bitcoin and cryptoassets are assuredly accepting the absorption they deserve from the US government, it seems that there may be added important issues accepting swept beneath the rug.
When Steven Mnuchin gave his emergency audition on basic currencies earlier this week, several reporters asked him about the debt beam but it seemed the Treasury Secretary was beneath adequate speaking on that topic than he was on Bitcoin.
For those of us who are like Mnuchin and get anxious back audition this term, feel chargeless to watch this quick video from CGP Grey that explains the cat & abrasion bold currently actuality played by the US government with potentially adverse after-effects amplifying with anniversary annular played.
In short, if Congress fails to accession its akin of debt by September, the US government will clearly be in default. Quite frankly, this would do a lot added accident to the US Dollar’s position as the all-around assets bill than any crypto.
@MatiGreenspan – eToro, Senior Market Analyst
Please note: All data, abstracts & graphs are accurate as of July 17th. All trading carries risk. Only accident basic you can allow to lose.
Well, it was a nice accord while it lasted, but aloof 2.5 weeks afterwards Trump & Xi agreed to a ceasefire, it seems the barter war is back on.
TL;DR – Trump threatened new tariffs on China afterwards they replaced their key adjudicator with a barter hardliner.
Markets didn’t assume decidedly agitated by this though. US indices abide abreast their best highs and Chinese stocks are absolutely abiding as well.
In accession to the above-mentioned update, it seems the US-China barter war has taken yet addition about-face for the worse, this time involving the tech behemothic Google and an declared accord with the Chinese military.
The accusations are advancing from the acclaimed tech administrator Peter Thiel who claims that the chase agent aggregation should be advised for treason. It seems the President agrees.
Despite an credible abridgement of evidence, the able suspicion has been added than abundant to allure boilerplate media absorption but doesn’t assume to accept afflicted Alphabet shares as of yet.
The Libra hearings bygone were quite intense and today’s hearing afore the Financial Services Committee will acceptable be alike added intense. Immediately afterward yesterday’s event, the amount of bitcoin bashed and aural a abbreviate time fell beneath the cerebral akin of $10,000 per coin.
Bitcoin bulls don’t seem particularly afraid about this move though. After all, the asset is still up added than 200% back it’s lows in mid-December and as we mentioned ahead there are still affluence of levels of support.
In this interview yesterday with Block TV, we discussed absolutely how all this newfound absorption from the US government is affecting the amount of bitcoin.
As always, let me apperceive if you accept any questions, comments, or added insights. Accept an accomplished day!
