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Trump Fuels Bitcoin Fire by Calling Fed "Pathetic" for Not Making US Dollar Weaker

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    US President Donald Trump adds more fuel to the Bitcoin rocket by pressuring the Fed to weaken the US dollar

Cover image via www.facebook.com
Contents

President Trump has once again lambasted the US Federal Reserve for keeping the interest rates way too high.

In his recent tweet, he makes a case against a strong US dollar on the heels of weak manufacturing data, which is bullish for Bitcoin.  

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“Bitcoin Rocket Fuel” 

As reported by U.Today, the Fed cut interest rates by a quarter-point for the first time in more than a decade on Sept. 18. This is major shift in the US monetary policy given that the country’s central bank wanted to tighten the grip on borrowers just one year prior to that.

Anthony Pomplino of Morgan Creek Digital described the rate cut as “Bitcoin Rocket Fuel.” It will weaken the US dollar given by increasing inflation.

Meanwhile, Bitcoin will be getting scarcer with every halvening event (the most recent one is slated to take place in just seven months).

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Bitcoin Is Not Attractive Investment for Majority of Americans: Survey

Bitcoin Is Not Attractive Investment for Majority of Americans: Survey

Dollar weakening bullish for BTC

There is a growing debate whether there is a correlation between the Bitcoin price and macroeconomic factors. Fundstrat’s boss Thomas Lee sticks to the narrative that BTC is indeed impacted by the US dollar.

We saw this last year with Fed hikes supporting strong USD and bitcoin down,” Lee told Barron’s back in July.

While Trump claims that he’s not a fan of Bitcoin, he might inadvertently push its price to new highs by pressuring the Fed to continue cutting interest rates.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

Subscribe to News.U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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