Bitcoin and crypto prices have moved sharply lower, following stock markets, as fears swirl the bitcoin price could be teetering on the verge of a major crash.
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The bitcoin price has dropped under $80,000 per bitcoin, dragging down the wider crypto market that’s now erased $1 trillion of value in just a month (even as bullish traders bet on a U.S. president Donald Trump “game-changer”).
Now, as Elon Musk issues a surprise crypto price warning, the chief executive of the world’s largest asset manager BlackRock has warned Trump’s trade policies will stoke inflation—pouring cold water on hopes the Federal Reserve will cut interest rates through 2025.
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BlackRock chief executive Larry Fink has warned.
"I think if we all are becoming a little more nationalistic—and I’m not saying that’s a bad thing, you know, it does resonate with me—that it’s going to have elevated inflation," BlackRock’s Larry Fink told CeraWeek conference attendees, it was reported by Reuters.
Meanwhile, Goldman Sachs economists have upped their odds of a recession over the next 12 months from 15% to 20%, pointing to Trump’s economic policies as the “key risk." Yardeni Research economists have also raised their recession odds, increasing them from 20% to 35% due to "Trump 2.0’s head-spinning barrage of executives orders, firings, and tariffs."
Last week, Federal Reserve chair Jerome Powell said the Fed is in no rush to cut rates, with the labor market still strong and inflation on a bumpy path toward its 2% goal.
The CME FedWatch Tool shows the market is heavily betting the Fed leaves rates on hold at its March meeting next week but is split over whether rates will be cut in May.
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