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Marcus Sotirio, an analyst at a digital asset broker based in the United Kingdom GlobalBlock
Bitcoin has fallen yesterday after Federal Reserve Chairman Jerome Powell talked about the surge in inflation. Rally 6% overnight. “Inflation is too high,” Powell said, and the central bank of the United States is more aggressive in raising rates. In addition, Powell said the federal funds rate could be raised higher than the traditional 25 basis point (bps) increase. The market responded negatively to this year as it expected a 25 basis point rate hike to avoid a recession. A more aggressive rise in interest rates will further slow down growth and increase the likelihood of a recession. In my opinion, the Federal Reserve will do its best to avoid a recession and will not raise interest rates more than 25bps until September at the earliest.
As El Salvador made Bitcoin a legal tender, many countries around the world have shown great interest in proceeding with proceedings. It was reported yesterday that El Salvador received $ 1.5 billion in demand for $ 1 billion in Bitcoin bonds. This shows a great institutional desire for Bitcoin-related products.
Malaysia is the next country interested in making Bitcoin legal tender, as Malaysia’s Ministry of Communications has urged the government to adopt cryptocurrencies as the official payment method.
The Deputy Minister of Communications of Malaysia said: We are looking for ways to legalize this so that we can encourage and support young people’s participation in cryptography. The move by El Salvador to legalize Bitcoin has attracted the attention of countries around the world as it appears to be gaining a variety of benefits. In particular, their tourism sector has increased by 30% since the legalization of Bitcoin. I think it’s only a matter of time before other countries like Malaysia follow El Salvador. This helps meet the risk requirements of many institutions in which Bitcoin invests.
