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The Iranian Foreign Minister discussed the protests in Iran with U.S. Special Envoy Witkov.January 12th - JPMorgan Chases securities trading division stated that the Trump administrations latest challenges to the Federal Reserves independence pose a threat to the US stock market, at least in the short term. News of a potential criminal investigation into the Fed impacted US markets Sunday night, causing stock index futures and the dollar to fall, with funds flowing into safe-haven assets such as gold. Andrew Taylor, JPMorgan Chases global head of market intelligence, said, "While macroeconomic and corporate fundamentals support a tactical bullish stance, the risks to the Feds independence are creating downward pressure on the market, so we remain cautious in the very short term. The risks surrounding the Feds independence could push US markets to underperform in the short term."On January 12th, it was reported that Bank of Communications received approval to acquire and restructure one of its rural banks, becoming the first state-owned bank to convert a rural bank into a branch bank in the new year, and the tenth such conversion since last year. Since 2025, in addition to Bank of Communications, Industrial and Commercial Bank of China and Agricultural Bank of China have also begun converting their rural banks into branches. Many industry insiders interviewed believe that with the Central Economic Work Conference setting the tone for "reducing the number and improving the quality" of small and medium-sized financial institutions, the reform and risk mitigation of small and medium-sized banks will accelerate this year, with mergers and acquisitions remaining the mainstream model. Data shows that more than 450 small and medium-sized banks will exit the market in 2025, of which more than 280 are rural banks, with Inner Mongolia, Shandong, and Hubei experiencing the largest reductions.On January 12th, Jane Foley, head of foreign exchange strategy at Rabobank, stated in a report that the US dollar is expected to face greater volatility this year as political pressure on the Federal Reserve rises. Markets are concerned that the Fed may lose its independence due to government demands for interest rate cuts and pressure on current Chairman Powell. However, Foley pointed out that some argue that with inflation remaining high, other FOMC members could provide a check on a Fed chairman who favors rate cuts. Foley stated that uncertainty surrounding the Feds future credibility may put downward pressure on the dollar, "but not to the point of triggering an out-of-control decline."Mexican President Simbaum: Had a “good conversation” with US President Trump.

Bitcoin More Likely to Crash to $10K Than Hit $30K: Market Survey

Jimmy Khan

Jul 11, 2022 14:57

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Bloomberg's most recent Markets Live (MLIV Pulse) weekly poll measures investor mood. According to information published on July 11, the study questioned 950 investors last week about their predictions for whether Bitcoin will rise again or continue to fall.


The findings were unambiguous: 60% of respondents believed that the asset was more likely to continue to decline and hit $10,000 than to rise to $30,000.


The source said that "the lopsided projection highlights how gloomy investors have grown."


Even if a small sample of investors cannot be used to draw firm conclusions, it does provide a glimpse of investor sentiment, which is still overwhelmingly negative.


Only 40% of people predicted that Bitcoin would surpass $30,000 before it reached $10,000. The asset lost ground over the weekend after sliding near support at $20,000 during the Asian trading session on Monday morning.

Fear among Retail Investors

The research also noted that individual investors were more wary than institutional investors. Nearly 25% of those polled said digital assets were "trash," yet a comparable percentage believed they represented the future of banking.


Nearly a third of institutional investors said they were cautious but maintained an open mind, and 26% said they were confidence in the asset class despite the state of the markets.


Jared Madfes, a partner at venture capital company Tribe Capital, told the publication that there wasn't simply anxiety in the cryptocurrency markets. He said, "It's really simple to be frightened right now, not just in crypto but generally in the globe," before claiming that the poll findings and forecasts of more losses reflect "people's natural dread in the market."


On Monday morning, the "fear and greed" index for the mood toward bitcoin indicated a level of "severe fear" or 22 out of 100. This condition has existed for more than a month.


Since reaching a record of over $69,000 in November, bitcoin values have fallen by almost 70%. However, the asset has been consolidating for almost three weeks at the present price levels, where things seem to have steadied.

Future Price of Bitcoin

At the time of writing, BTC was down 4.1 percent over the previous 24 hours and was trading at $20,564. On Saturday, it rose to a weekend high of $21,871, but it has been unable to hold onto those gains.


Should the asset fail to hold the $20K mark, which seems probable at the time, there is support slightly over $19,000. If past bear markets are any indication, this one might see prices drop by more than 82 percent, verifying the forecasts of the study and returning to the $12K level.


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