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August 14, 2024 Coin Telegraph

<div>Bitcoin falls under K as investors' global economic slowdown concerns rise</div>

advisors

Fear of a global economic recession continues to drive investors away from risk-on assets like Bitcoin.

Bitcoin (BTC) price experienced a 5% gain between Aug. 13 and Aug. 14, reaching $61,791, before quickly reversing the entire move, falling to $58,914 in under two hours. This abrupt downturn occurred after the United States reported an inflation figure that slightly undercut analysts' expectations. The initial price surge was driven by significant announcements concerning spot Bitcoin exchange-traded funds (ETFs) and MicroStrategy (MSTR) holdings, but macroeconomic conditions ultimately proved decisive on Aug. 14.

Goldman Sachs, a leading global financial institution, disclosed new spot Bitcoin ETF holdings totaling $418 million in its 13-F filing, reflecting positions as of June 30. The allocation spanned multiple providers, including BlackRock, Fidelity, Invesco, and Grayscale. While it remains unclear whether these investments were made by external fund managers or Goldman’s internal asset management team, this marks a significant milestone, as the firm oversees $2.81 trillion in assets under management.

Not all asset managers have embraced such investments. According to CNBC, JPMorgan, Bank of America, and Wells Fargo continue to restrict their financial advisors from recommending spot Bitcoin ETFs. Meanwhile, Morgan Stanley, one of the world’s largest wealth management firms, only approved the distribution and sale of spot Bitcoin ETFs through its 15,000 financial advisors as recently as Aug. 7. Consequently, Goldman’s allocation could potentially set a precedent that encourages its competitors to follow suit.

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Bitcoin price tops $68K, but a few concerning headwinds remain

May 20, 2024 Coin Telegraph

Bitcoin price tops K, but a few concerning headwinds remain

ATH

Bitcoin price shows strength as investors expect the Fed to resume printing, but a handful of global macroeconomic headwinds are still in play.

Bitcoin (BTC) last closed above $68,000 on April 11, despite trading above $67,000 several times in the past five days. Even as Bitcoin gained 2% on May 20, another 7% move is needed to meet its all-time high. Meanwhile, gold reached a record high of $2,450 on May 20, and the S&P 500 index climbed to its all-time peak of 5,325 points. This backdrop has left BTC investors pondering the factors restraining its progress.

It can be argued that Bitcoin’s 51% gains year-to-date reflect investors’ anticipation of the monetary expansion that has recently benefited other assets. With the United States Federal Reserve needing to inject liquidity — either to support the troubled banking sector or to stimulate the economy — investors typically turn to scarce assets for protection. This inclination intensifies if there is an increasing likelihood of an economic recession.

According to UFed data, the broader U.S. monetary base (M2), which had stagnated at $20.8 trillion since May 2023, surpassed $21.0 trillion in April 2024. This shift marks the end of a contraction period that began in April 2022 when the M2 indicator reached $22 trillion. Regardless of interest rate trends, the increase in circulating money suggests rising inflationary pressures, even if companies and individuals are currently hesitant to spend.