New York, Tuesday, September 3, 2024 – Bitcoin is hovering around $60,000 amid fears that the U.S. dollar could be on the brink of a major crisis, an article in the Forbes Magazine said.
Last week saw significant economic forecasts, political clashes, and corporate revelations. Economist Peter Schiff warned of inflation risks as the U.S. dollar weakened, hitting an eight-month low against the Swiss franc, amidst anticipation of Federal Reserve rate cuts.
The report citing economist Schiff said that the US dollar had hit year-to-date lows, Billy Bambrough said warning that it could plummet below 90 by year-end, potentially sparking an economic crisis.
It says the Federal Reserve’s expected interest rate cuts in September may further weaken the dollar, adding to market volatility.
Despite Bitcoin’s recent slowdown, the launch of major ETFs has provided some support, but September remains a historically tough month for the Cryptocurrency.
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