Bitcoiners hoping for a big rotation from gold and silver might be chasing the wrong signal, says Benjamin Cowen. Bitcoin’s price downtrend may not be as short-lived as many holders anticipate, says crypto analyst Benjamin Cowen. “Bitcoin’s likely going to keep bleeding against the stock market,” Cowen said in a video on Thursday, adding that strong expectations of a “massive rotation” from metals like gold and silver into crypto may be misplaced. The prices of gold and silver have recently surged to all-time highs of $5,608.33 and $121.64, respectively, according to Trading Economics. Read more
Kevin Warsh, seen as a more hawkish Federal Reserve chair pick, previously said Bitcoin could serve as a check on fiscal policy decisions. US President Donald Trump is expected to nominate Bitcoin-friendly Kevin Warsh as the next chair of the Federal Reserve when he announces his pick on Friday. Trump said on Thursday that he will be announcing his pick to replace the central bank’s current chair, Jerome Powell, whose term finishes in May, on Friday morning, with Bloomberg, The Wall Street Journal, and The New York Times reporting that the president is set to announce Warsh as his nomination. Reuters had earlier reported that Trump met with Warsh, who served as a Fed governor from 2006 to 2011, on Thursday, with one person briefed on the discussion saying Warsh impressed the president. Read more
Bitcoin margin longs at Bitfinex exchange reached a two-year high prior to stocks and crypto selling off sharply. Should traders expect a rally or the correction to continue? Key takeaways: Bitfinex Bitcoin margin longs hit two-year highs, but arbitrage suggests this isn't a purely bullish price indicator. Bitcoin price drops as tech stock valuations and gold gains drive investors toward cautious, risk-averse behavior. Read more