Chart of the Day
Dove, Actually. U.S. Federal Reserve Chair Jerome Powell’s dressing down of inflationary angst on Wednesday didn’t do the trick. Treasury yields hit some of their highest levels above 1.75% amid rising concerns of the Fed letting inflation run free. The price of BTC is now taking a breather after briefly touching the $60k ceiling. The broader trend suggests that the momentum of the crypto market is gradually slowing down with volatility drying up and price action side-stepping.
Talk of the Town
‘A cure for inflationary fear’ is among the prevailing narratives of Bitcoin. However, Bank of America (BofA), the second-biggest U.S. lender, doesn’t seem convinced. In a report titled ‘Bitcoin’s Dirty Little Secrets’ published on Wednesday, BofA analysts slammed Bitcoin for offering no ‘good reason’ to invest except for price appreciation. It also listed volatility, impracticality, and environmental concerns among many other failings of Bitcoin. While many institutions, including former skeptics, have hopped on the crypto bandwagon, BofA appears determined to swim against this tide.