With the sands of time running low on Powell’s reign, set to expire come May 2026, whispers of potential successors have swirled through the markets like a three-ring circus. Trump’s words suggest that an announcement is nigh, setting the stage for a grand spectacle where market expectations may pirouette and leap about like a troupe of acrobats under the big top.
He claims this secret money-printing would lift Bitcoin and the rest of the crypto chorus, as if every keystroke on a central bank keyboard could tug a bell on some distant moon. A chorus of sarcasm and swagger follows, as if the universe itself were a hedge fund waiting for the punchline.
The Fed is expected to keep rates unchanged, with the federal funds rate lounging in the 3.5% to 3.75% corridor. A pause would cap three consecutive cuts late last year, a dalliance that briefly had risk assets-Bitcoin included-fluttering with a whisk of optimism.
This little digital overachiever has elbowed its way into today’s top performers, but let’s be real – this rally has more red flags than a Soviet parade. Is it sustainable? Probably not. Is it entertaining? Absolutely.
It seems as if Ripple, in a spirited dash for glory, has scurried off into the wilds with its tail feathers aflutter, dabbling in custody, stablecoins, and prime brokerage. The scene has been set: Reece Merrick, an exec as indefatigable as a gossipmonger at tea, recently penned an accord on X-though one can only imagine the digital ink was dipped in a vat of solemnity-declaring, “XRP will continue to be at the heart” of this San Francisco-based blockchain bohemian haunt.
Ethereum, like a wayward protagonist in one of my novels, hath managed to remain stable above $2,850, and begun its recovery wave, much like its comrade, Bitcoin. It cleared the resistance levels of $2,900 and $2,920, as if they were but trivial obstacles in its path to glory. The price surpassed the 61.8% Fib retracement level, a mathematical farce in the face of human greed and despair. It even breached the $3,000 mark, forming a high at $3,030, before consolidating its gains above the 23.6% Fib retracement level. A comedy of errors, is it not?
Six out of twelve expenditures have already been sanctioned, and history demonstrates a penchant for last-minute resolutions – rather like a fashionable late arrival. The markets, being remarkably astute, are clearly anticipating a situation more akin to a brief theatrical pause than a full-blown tragedy.
According to some researchers at River (yes, there’s such a thing), about 60% of the top 25 banks are creatively crafting Bitcoin services. We’re talking everything from custody to trading-activities once laughably foreign to these institutions. The catch? It’s not just some pie-in-the-sky plan; they’re drafting blueprints and throwing darts-figuratively, of course-in their boardrooms to make it happen.
On this fateful Tuesday, our illustrious Bitcoin flitted sideways, achieving a 24-hour high of just over $88,760, while sulking at an intraday low of $87,315. Even the return of those tantalizing net positive inflows into spot Bitcoin exchange-traded funds-following a tempestuous series of outflows-could not muster the momentum to lift this cryptocurrency from its stupor. As we pen these words, our dear Bitcoin lounges at $87,650, a trifling 24-hour gain of 0.3%, preserving its grand market capital of $1.73 trillion.
Rich Privorotsky, a name that rolls off the tongue as easily as it rolls in the wealth of Europe, leads the charge at Goldman Sachs Global Banking & Markets. According to him, investors are beginning to unshackle their portfolios from the grasp of these mega-caps, much like prisoners escaping their gilded cages after years of indulgence.
