Bitcoin, Inflation and Binance: Marcel Pechman Delivers Insightful Analysis on The Market Report
Summary:
In the latest episode of The Market Report, analyst Marcel Pechman discusses the performance of Bitcoin ahead of the U.S. Federal Reserve's FOMC meeting, expressing doubts about inflation data and interest rates' impact on inflation. Pechman also discusses the decreasing supply of Bitcoin on exchanges, questioning if it's solely responsible for Bitcoin's price surge. He also touches upon the U.S. Securities and Exchange Commission's request to scrutinize Binance.US's software, speculating about Binance's possible strategies and future challenges.
In the most recent installment of The Market Report, financial expert Marcel Pechman evaluates the robust performance of Bitcoin (BTC) before the Federal Open Market Committee (FOMC) session by the U.S. Federal Reserve. According to him, the investors are speculating that there will be no changes in the interest rates. Pechman raised doubts about the argument that sudden inflation figures suggest that the Federal Reserve's target of 2% is close to being achieved. He referenced the delay effect that interest rates adjustments have on inflation and the past volatility induced by rate hikes.
Further in the discussion, Pechman touches upon the dwindling availability of Bitcoin on exchange platforms, which is typically perceived as a positive sign for the cryptocurrency. Nevertheless, he disputes the assumption that this factor solely resulted in the spiking price of Bitcoin. He also deliberates over whether or not these developments have anything to do with the upcoming FOMC session, but sees it improbable to be a transient phenomenon.
The ensuing segment in the discussion turns to the U.S. Securities and Exchange Commission's demand to scrutinize the software of Binance.US. Pechman points out that although it appears like the SEC had a temporary setback in court, the presiding judge expressed concerns over Binance.US' asset management and demanded more supporting evidence. Pechman infers that Binance might be attempting to buy time to assemble the required documents or revamp its functioning. He highlights the judge's rebuke of Binance, and acknowledges the hurdles it may face in clearing its name, and also gesturing towards any future repercussions on the exchange's operations.
Interested readers can catch the complete episode of The Market Report on our new YouTube channel, Cointelegraph Markets & Research. And don't forget to hit the "Like" button and subscribe to stay updated with our latest content.
Published At
9/19/2023 7:00:00 PM
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