Forbes recently published an article predicting that a sudden $6 trillion Fed inflation will unleash a Bitcoin (BTC), Ethereum (ETH), and XRP price boom.
Bitcoin (BTC) has broken through the $65,000 mark for the first time since early May. This upswing is attributed to growing expectations that the Federal Reserve will soon alter its course on inflation by lowering interest rates.
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Investors in the cryptocurrency market are growing optimistic about the Federal Reserve’s future actions. This sentiment is fueled by recent economic data showing a slowdown in inflation.
The Consumer Price Index (CPI), a key measure of inflation, rose at a slower pace in April (0.3%) compared to March (0.4%). This, combined with expectations of the Fed lowering interest rates later in the year, has significantly boosted the cryptocurrency market.
Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors remains bullish on Bitcoin, predicting a potential surge to $150,000 by year’s end. He attributes this optimism to pent-up demand, rising capital spending, and a significant amount of unutilized cash on the sidelines – estimated at around $6 trillion.
While the focus has been on Bitcoin’s recent price surge, analysts believe that XRP is poised for significant growth, as indicated by Forbes analysts in the article.
Unlike the Fed’s influence on traditional assets, XRP’s utility and inherent value proposition within the Ripple ecosystem are the primary drivers of its long-term trajectory. XRP serves a distinct purpose in facilitating seamless cross-border transactions, making it a valuable asset regardless of the broader market environment. These have made Forbes continually pitch the digital asset with big players such as Bitcoin and Ethereum.
Rumours of Spot BTC trading
A recent leak reported by the Financial Times suggests that the Chicago Mercantile Exchange (CME), the world’s largest futures exchange operator, is planning to launch spot Bitcoin trading. This move is seen as a response to the immense demand for Bitcoin on Wall Street, triggered, in part, by the introduction of several spot Bitcoin exchange-traded funds (ETFs) in January.
These spot Bitcoin ETFs have become some of the fastest-growing financial instruments on record. Notably, BlackRock’s iShares spot Bitcoin ETF has emerged as the frontrunner.
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The recent developments surrounding spot Bitcoin ETFs and the potential entry of CME into the spot Bitcoin market suggest a growing appetite for digital assets among traditional financial institutions.
This trend has impacted the entire cryptocurrency market, with XRP well-positioned for substantial growth due to its unique use case and established role within the Ripple payment network.
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