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Ripple’s XRP coin has seen a substantial dip over the last few days. The coin is down 3.7% in the daily charts and 10.2% in the weekly charts. XRP’s price correction comes just ahead of the Federal Open Market Committee (FOMC) meeting scheduled for later today. Investors may be taking a cautious step in case of a hawkish stance from the Federal Reserve. Despite the downtrend, XRP is still up by 10.5% in the 14-day charts, 43.8% in the monthly charts, and 417.6% since July 2024, as per CoinCodex XRP data. Source: CoinGecko Will XRP Recover From The Dip After The FOMC Meeting? Source: Watcher.Guru The market may face some volatility leading up to the FOMC meeting later today. Investors will likely look for clues about the Federal Reserve’s next monetary policy before taking risky positions. The CME FedWatch tool indicates a 96.9% chance that the Federal Reserve will keep interest rates unchanged. The absence of a rate cut could negatively impact retail investors. The mov...

US Treasury Secretary Bessent says that the Federal Reserve should not launch a central bank digital currency (CBDC) in the U.S. “A central bank digital currency is a sign of weakness,” the secretary said on Monday. “I would not be in favor of the Fed issuing digital currency.” Bessent testified on Monday ahead of a House oversight subcommittee on the White House’s 2026 budget requests. While testifying, the Treasury Secretary doubled down on his opposition to the Fed creating a CBDC. “We believe that digital assets belong in the private sector,” Bessent added. The Trump administration was actively against the concept upon its return to the White House. Now, months into Trump’s second tenure in office, his team remains adamant that the US doesn’t need a central bank digital currency. CBDCs Back in the Spotlight A central bank digital currency has been on the table for discussion amongst officials as digital assets and cryptocurrencies beco...

Analyst and trader Benjamin Cowen believes Bitcoin (BTC) is primed to continue outperforming altcoins. In a new strategy session, Cowen tells his 892,000 YouTube subscribers that the total market cap of altcoins (Total3) when paired against Bitcoin is going to continue on a downtrend. Total3 is the total market cap of all cryptocurrencies with the exception of Bitcoin and Ethereum (ETH). “…now altcoin/Bitcoin pairs are somewhat flat. I think they’re probably going to spend the next few weeks dropping just like they did last year… “ Source: Benjamin Cowen/X Cowen further says that Bitcoin is likely to continue outperforming altcoins until the US monetary policy eases. “My base case right now for Bitcoin dominance is that it will likely go higher until quantitative tightening is over… … I’m bullish on Bitcoin dominance because quantitative tightening has not ended. If the Federal Reserve were to end quantitative ti...

US President-elect Donald Trump and his transition team are reportedly exploring whether the new administration can slim down or even completely do away with some banking regulators, according to the Wall Street Journal (WSJ). Trump advisers from the Department of Government Efficiency ( DOGE ) have asked in interviews with regulators in the banking industry if a president could, for example, abolish the Federal Deposit Insurance Corporation (FDIC), the WSJ said in a Dec. 12 report , citing people familiar with the matter. Trump Advisers Consider Lumping Together FDIC, OCC And The Federal Reserve In addition to the potential termination of the FDIC, advisers to Trump have also inquired with possible appointees for the FDIC and the Office of the Controller of the Currency (OCC) about the possibility of integrating bank deposit insurance into the Treasury. They have floated ideas related to combining or overhauling the OCC, FDIC and Federal Reserve as well.  If Trump’s te...

State Street Global Advisors is now predicting that the Fed will cut Interest Rates by 50 basis points as soon as this June, according to a Bloomberg report. The $3.6 trillion asset manager sees the Fed eral Reserve lowering rates after what has been over a year of high rates. By the end of the year, the firm expects reductions to total 150 basis points. This would be two and a half times what markets are currently pricing. The strong jobs report from last week raised optimism of fewer interest rate hikes. On the other hand, State Street also maintains the economy is not as strong as it seems. They point out indicators like credit card delinquencies and the cost of credit to small businesses that signal a downward turn later this year. JUST IN: $4 trillion asset manager State Street says Fed eral Reserve will cut Interest Rates by 50 bps by June and 150 bps by end of 2024. — Watcher.Guru (@WatcherGuru) April 9, 2024 Also Read: BRICS: US Economist Anticipa...

Also Read: Early LUNC Developer Says The Protocol is “Rigged by a Single Actor” advertisement UBS Agrees On $268.5 Million Fine According to the US Fed’s announcement, the risk management deficiency occured on Credit Suisse ’s part due to the default of Archegos in 2021. Credit Suisse had then suffered approximately $5.5 billion in losses thanks to the default, a statement from the US Federal Reserve said. Yet, Credit Suisse failed to adequately manage the risk posed by Archegos despite repeated warnings, the central bank’s Board explained. An investigation into Credit Suisse by the Federal Reserve Bank of New York identified longstanding deficiencies in the U.S. operations’ risk management, the statement said. “The Board is requiring Credit Suisse to improve counterparty credit risk management practices and to address additional longstanding deficiencies in other risk management programs at Credit Suisse ’s ...

Bitcoin is proving everything is bullish but BTC price action this week, with network fundamentals and accumulation data in “up only” mode. Bitcoin (BTC) begins a new week barely clinging to $30,000 as a “bearish divergence” sets the tone. After a quiet weekend, BTC price action faces a potential pullback period within its broader bullish trend, traders say. What could be on the menu for the market this week? After a relative period of calm, external triggers are back for risk assets, with a slew of United States macroeconomic data releases combined with multiple speeches from Federal Reserve officials. Add to that some interesting dynamics around U.S. BTC buying now in play, and the recipe for volatility is there. Cointelegraph looks at these factors and more in the weekly rundown of what might move markets in the coming days. Limp $30,000 support gets traders hungry for BTC price dip Bitcoin may have closed the week at just over $30,000, confirmed by data from Cointelegraph Markets ...