Vanguard, one of the largest asset managers in the world, is preventing customers from buying the newly approved bitcoin ETFs.
Almost 50% of Gen Z and Millennials want crypto in retirement funds: Survey
Nearly half of Gen Z and Millennials are also already invested in digital assets outside of their retirement funds and cited “inflation” as the biggest obstacle to early retirement.
Will Bitcoin Tank Following The Charles Schwab Indicator? Do BTC Investors Need To Worry?
The crypto market is giving investors no hope of recovery as the price of Bitcoin returns from its recent gain. In the meantime, futures trading remains the best way to gain from the crypto ecosystem.
Experts in the crypto world revealed that the current market situation results from several macroeconomic factors. These factors include the ongoing war between Ukraine and Russia and inflation. In addition, governments’ expenses have also increased since the break of the Covid-19 up to now.
Another notable factor is the interest rate hikes of the Fed and European Central Bank (ECB). Unfortunately, for now, only imagination can speak for most crypto investors.
Charles Schwab’s Affect On Bitcoin Price
Bitcoin has witnessed some gains in the past few days, which looked like a good sign for a green market. But in the last 24 hours, it dropped again by 1.39%. Bitcoin currently trades at $19,215.63 at the time of writing.
Bitcoin might slide below $19,000 l BTCUSDT on Tradingview.com
According to Charles Schwab, this might be the beginning of another dip in the crypto market due to the anticipated recession. As a result, he warns investors that they should prepare for another bearish movement in the crypto market.
Possibility of The Recession
Charles Schwab’s Chief Global Investment Strategist, Jeffery Kleintop, revealed the possibility of the predicted recession. He stated that a significant global economic indicator has dropped to a critical level.
He explained that the OECD leading indicator is currently at a dangerous area, below 99. This is a clear indication of a global recession. He pointed to some past instances when the index dropped below this territory.
According to him, the global economic recession that took place in 2020 was a result of Covid-19. His instances dated far back to mid-1970 and 1974, late 1981 and 1990, and early 2002 and 2008.
The leading indicator revealed significant unsteady business activity and a shift in the broader economy. The present level of the OECD indicator also shows that the consumer confidence index is worse than some past events. These include the subprime mortgage crisis in 2008 and the global pandemic in 2020.
Some organizations, like the World Bank, have also predicted a recession in 2023. It stated that the expected recession is due to the hawkish policy of the European Central Bank and that of the Fed.
BTC Performance During Recession
There’s no confirmation regarding the possible movement of Bitcoin during the expected recession. However, chances are that it could appreciate as a result of quantitative easing. But this is only possible if the Fed pulls off a strategy to handle the demand slowdown.
On the other hand, it’s also possible for BTC to dip even further due to the recession. The main reason is that stock markets barely perform well during the recession, and Bitcoin is no exception.
Featured Image From Pixabay, Charts From Tradingview
ETH products grow in August as BTC products dip: CryptoCompare report
The upcoming Merge has contributed to a rise in Ethereum investment products and trading volume, as crypto market AUM figures continue to drop amid the bear market
Charles Schwab’s asset management arm launches crypto-linked ETF
Schwab said the investment vehicle will offer exposure to firms involved in mining and staking as well as those developing blockchain-based apps or distributed ledger technology.
Customer demand prompts Charles Schwab file for Crypto Economy ETF
Schwab’s crypto ETF would buy into stocks on its Crypto Economy Index to give investors indirect access to digital assets by investing in businesses that deal with crypto.
Fidelity, Vanguard, Schwab Funds Have Been Loading Up on Crypto Mining Stocks
Stock of three major cryptocurrency mining firms are appearing in Fidelity, Vanguard and Charles Schwab mutual funds.
Exchange Outages Are Going Mainstream: What Robinhood Can Learn From Crypto
With popular online trading platforms hit by more outages amid high volumes, companies like Robinhood may learn something from crypto exchanges.
Robinhood, Other Online Trading Platforms Having Login Issues
The reported outages affect Robinhood, Charles Schwab, TD Ameritrade, and others.
Morgan Stanley Buys E*Trade in $13B Deal
Morgan Stanley is acquiring E*Trade for $13 billion, hoping to target its 5.2 million-strong client base.
What a Schwab-TD Ameritrade Merger Would Mean for Crypto
A takeover of TD Ameritrade by Charles Schwab would marry one of the few mainstream financial firms to embrace crypto with one whose stance is less clear.