- CEO of Eight global tweeted that BTC was stable in the backdrop of altcoins losing value.
- Ex-CEO of bankrupt FTX exchange will make his first public appearance before U.S. lawmakers.
- The FOMC will hold its fourth and final meeting tomorrow; inflations and interests to be forecasted.
Chief Executive Officer and Founder of Eight Global, Michael van de Poppe – also known as Crypto Michael – tweeted that Bitcoin remained stable when the altcoins were losing their value. As such, Bitcoin’s dominance was rallying upward, stated the CEO.
Additionally, Michael shed more light on the elements that were inciting fear within the crypto community.
He brought forth the FTX exchange hearing scheduled to happen today, as the first and foremost reason that could raise fears in the community. According to trusted sources, today’s hearing would be the ex-FTX CEO Sam Bankman-Fried’s first public appearance before U.S. lawmakers.
Prosecutors for the Southern District of New York have charged Bankman-Fried with wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
Moreover, Crypto Michael listed the Consumer Price Index (CPI), which will be released today Eastern Time at 8.30 a.m., as the next fear factor haunting the crypto community. A reliable news reporter stated, “Economists expect the consumer price index rose by 0.3% in November, or at an annual pace of 7.3%, according to Dow Jones.” However, this was down from 7.7% in October.
The Federal Open Market Committee (FOMC) will hold its fourth and final meeting of the year. This meeting which is scheduled to happen tomorrow will forecast an update on inflation and interest rates, and it would be interesting to see how this could affect the people.
Although it is unclear what Crypto Michael actually meant by saying the Bank of England, it could be intuitively understood that the Bank of England is eyeing on introducing CBDC (Central Bank Digital Currency).
How this would affect the crypto market when the Bank of England rolls out CBDC would be noteworthy.