ICYMI: CoinDesk’s Eliza Gkritsi and Aoyon Ashraf reported that a squeeze on bitcoin-mining profit margins – think lower crypto prices and higher energy costs – might be forcing miners to sell some down some of their bitcoin inventories to pay for the extra operating costs.
But this thread of market logic was somewhat undermined this week when President Joe Biden held a meeting with Fed Chair Jerome Powell and essentially pledged to let the Fed do what it needs to do.
“There are no easy outs when you combine the most levered domestic U.S.
What we’re finding now is, as crypto gains more mainstream adoption, that means that more institutions are allocating percentage of their portfolios of crypto, which means in a down move when they’re looking for things to sell, crypto is going to be in the line of fire just like everything else.
We’re going to see some that feel that even though the sort of contagion of the Terra meltdown was sort of contained, they might see that as a reason to be more skeptical of crypto as a whole asset class and might cool off on investment, whether that’s public or private investments.
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