Yesterday, despite rumors about Federal Reserve (Fed) officials discussing a plan to cut fiscal stimulus in the face of inflation, most markets closed positive in both the US and Europe. Cryptocurrencies are slowly recovering from last week’s plunge, with Bitcoin reaching $40,000 just as a new cryptocurrency enters the market: $StopElon.
In light of rising inflation in the markets, Fed official Richard Clarida noted on Yahoo Finance that “there will come a time in the next few meetings, that we will be at the point where we can start to discuss reducing the pace of asset purchases”. Clarida’s remarks come on top of other statements from Fed officials that point to the tapering of its easy-money policies.
Inflation data is starting to worry investors, with US housing data released yesterday showing an annual increase of 4.2%, the highest since 2008. As Stanford University economist Monika Piazzesi’s 1970s research shows in periods of inflation housing prices rise while stock prices fall.
A new cryptocurrency
Despite rising inflation, and Fed stimulus cut rumors, cryptocurrencies seem to be gradually recovering from last week’s losses. Bitcoin reached $40,000 and Ethereum rose to $2,815, up 62% from last week. Amid the gradual rise of cryptocurrencies, a group of developers has launched a new cryptocurrency: $STOPELON.
The new miners signal their concern over business magnate Elon Musk’s manipulation of the cryptocurrency market through his statements. At the time of writing, the price of the new cryptocurrency was $0.0000671220. Follow the latest news on the new digital asset, as new developments could reveal and determine whether it carries the potential to affect the prices of major cryptos.
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