Cryptocurrency Market Attempts Recovery After Recent Plunge

The post Gold Hits $3,700 as Sprott’s Wong Says Dollar’s Store-of-Value Crown May Slip appeared on BitcoinEthereumNews.com. Gold is strutting its way into record territory, smashing through $3,700 an ounce Wednesday morning, as Sprott Asset Management strategist Paul Wong says the yellow metal may finally snatch the dollar’s most coveted role: store of value. Wong Warns: Fiscal Dominance Puts U.S. Dollar on Notice, Gold on Top Gold prices eased slightly to $3,678.9 […] Source: https://news.bitcoin.com/gold-hits-3700-as-sprotts-wong-says-dollars-store-of-value-crown-may-slip/

TLDR: Yen’s managed devaluation artificially strengthens the dollar, creating headwinds for Bitcoin price action. Gold has surged 61.4% while Bitcoin stagnates

The post Franklin Templeton CEO Dismisses 50bps Rate Cut Ahead FOMC appeared on BitcoinEthereumNews.com. Franklin Templeton CEO Jenny Johnson has weighed in on whether the Federal Reserve should make a 25 basis points (bps) Fed rate cut or 50 bps cut. This comes ahead of the Fed decision today at today’s FOMC meeting, with the market pricing in a 25 bps cut. Bitcoin and the broader crypto market are currently trading flat ahead of the rate cut decision. Franklin Templeton CEO Weighs In On Potential FOMC Decision In a CNBC interview, Jenny Johnson said that she expects the Fed to make a 25 bps cut today instead of a 50 bps cut. She acknowledged the jobs data, which suggested that the labor market is weakening. However, she noted that this data is backward-looking, indicating that it doesn’t show the current state of the economy. She alluded to the wage growth, which she remarked is an indication of a robust labor market. She added that retail sales are up and that consumers are still spending, despite inflation being sticky at 3%, which makes a case for why the FOMC should opt against a 50-basis-point Fed rate cut. In line with this, the Franklin Templeton CEO said that she would go with a 25 bps rate cut if she were Jerome Powell. She remarked that the Fed still has the October and December FOMC meetings to make further cuts if the incoming data warrants it. Johnson also asserted that the data show a robust economy. However, she noted that there can’t be an argument for no Fed rate cut since Powell already signaled at Jackson Hole that they were likely to lower interest rates at this meeting due to concerns over a weakening labor market. Notably, her comment comes as experts argue for both sides on why the Fed should make a 25 bps cut or…