Bitcoin slumps to $45K amid hawkish Fed, buying activity remains positive
Bitcoin (BTC) slumped to its support level of $45,000 on Wednesday morning even as on-chain data shows that overall buying activity remained positive.
The fall came amid a global sell-off driven by hawkish comments from the U.S. Federal Reserve. Fed Governor Lael Brainard said curbing inflation was “paramount,” hinting at trimming the central bank’s balance sheet in May. This led to a sell-off in the market as investors feared a restrictive environment could lead to an economic downturn.
The S&P 500 ended 1.26% lower on Tuesday, while the technology-heavy Nasdaq dropped 2.26%. The downturn spread to Asia Wednesday morning, with Japan’s Nikkei 225 falling 1.48% and Hong Kong’s Hang Seng dropping 1.15%
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Bitcoin mid-halving on horizon! What’s in store for BTC price on April 11th?
After facing a correction in the past few days, the cryptocurrency market is again gaining a bullish trend with an indication of continuing the optimistic move.
Bitcoin has currently rebounded above the $46,000 level and is trading at $46,965 with an increase of 1.59% over the last 24hrs. With Bitcoin mid-halving around the corner, the BTC price is expected to see further gains.
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Miami's Mayor Suarez wants a 'pro-Bitcoin' president of the United States
Miami Mayor Francis Suarez advocated for the election of pro-bitcoin officials in a speech opening Bitcoin 2022. "The next president of the United States has to be a pro-bitcoin candidate," said Suarez.
Suarez joked that perhaps he could be that presidential candidate in the future.
"I thought, 'how can I go bigger, and I thought I can make an announcement, that I'm running for....nah, not this year," Suarez said.'
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Vantage Bank to offer staff Bitcoin savings plan in an effort to retain talent
Texas-based Vantage Bank announced plans to offer employees a savings plan where a portion of each paycheck can be saved in Bitcoin. Commenting on this new program, Vantage Bank’s chief of human resources Eric Thompson said:
“During this ‘Great Resignation,’ attracting and retaining top talent has been especially challenging. Focusing on our employees and the benefits we offer help make Vantage Bank Texas an employer of choice for current and potential employees.”
Any Vantage employee who wants to step away from traditional savings will be able to participate in the new Bitcoin savings plan. The New York Digital Investment Group (NYDIG), which is offering asset management, custody, and execution services for digital assets, will hold the converted Bitcoin.
In addition to the new savings plan, Vantage Bank is also educating its employees about cryptocurrency. Referring to the necessity of training, Thompson said:
“As part of that [the savings plan], we are also providing associates with education about Bitcoin, sharing the risks and considerations that should be evaluated before directing their post-tax dollars to a Bitcoin Savings Plan.”
Despite the modern approach to diversifying its employee’s savings plans, Vantage Banks does not facilitate buying, selling, or trading of crypto for its customers for now.
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Lightning Labs plans stablecoin protocol on Bitcoin
Lightning Labs CEO Elizabeth Stark has announced the launch of Taro, a new Lightning Network protocol designed to support stablecoins. Lighting Labs has also closed a $70 million Series B raise let by Valor Equity Partners and Baillie Gifford.
Stablecoins are coming to Bitcoin Layer 2.
Lightning Labs’ CEO Elizabeth Stark has unveiled its vision for a new product called Taro, or Taproot Asset Representation Overlay), which will attempt to broaden the number of assets available to transact on the Lightning Network to include stablecoins. Stark announced the protocol in a Tuesday Medium post, explaining that Taro aims to “Bitcoinize the dollar.”
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