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In the most recent installment of Cointelegraph’s The Market Report, analyst Marcel Pechman examines the factors suggesting Bitcoin may reach $22,000, as investor sentiment has deteriorated following Grayscale Investment’s widely publicized legal success against the United States Securities and Exchange Commission (SEC) on Aug. 29 and the delay of several spot Bitcoin (BTC) exchange-traded fund applications.
Pechman notes that the bearish side is bolstered by various lawsuits from the SEC against Binance and Coinbase, along with a possible indictment from the U.S. Department of Justice concerning money laundering and facilitating transactions for Russian entities. More significantly, U.S. inflation has decreased to 3.2%, and the U.S. Federal Reserve is withdrawing liquidity from the markets.
Pechman also evaluates BitMEX founder Arthur Hayes’s assertion that the Bitcoin bull market commenced in March. Hayes identifies the fallout from Silicon Valley Bank and the subsequent intervention by the U.S. Treasury Department as pivotal moments for the cryptocurrency market.
Pechman concurs with Hayes but highlights the relevance of the U.S. Dollar Index, which compares the U.S. dollar to other major foreign currencies, such as the euro or the Swiss franc, and currently stands at the same level as it did six months ago. Pechman indicates that investors have come to understand that other nations are likely to face collapse before the U.S. in the event of a global economic downturn.
Ultimately, Pechman asserts that the Federal Reserve is unconcerned about whether rescuing the banks could lead to economic instability, given that U.S. Treasurys and the U.S. dollar remain regarded as the safest options.
Listen to the complete episode of The Market Report on the new Cointelegraph Markets & Research YouTube channel, and remember to click “Like” and “Subscribe” to stay informed about all our latest content.
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