Move over Jackson Hole and inflation fears. The real driver behind the recent swoon in crypto and stock markets is likely the impending liquidity drain stemming from the U.S. government’s Treasury General Account (TGA), a checking account held at the Federal Reserve that is poised for a significant buildup. Bitcoin (BTC) has declined by over 8% to $113,500 since hitting record highs above $124,000 last Thursday, according to CoinDesk data. Prices for other major tokens such as ether (ETH), XRP (XRP), and solana's SOL (SOL) have also corrected, dragging the broader market lower. The CoinDesk 80 Index has dropped 13% since last Thursday. The bullish momentum has also weakened on Wall Street, where the tech-heavy Nasdaq index fell by nearly 1.40% to $23,384 on Tuesday, having hit a record high of $23,969 a week ago. Most market commentary has attributed the losses on Wall Street and in crypto markets to investor de-risking ahead of Federal Reserve (Fed) Chair Jerome Powell’s sched...
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