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Upside Elusive for Bitcoin as Yellen Says Fed Rate Hike a 'Plus'
Yellen's rate-hike comments and lingering China regulatory concerns dominate market sentiment.
Updated Sep 14, 2021, 1:07 p.m. Published Jun 7, 2021, 9:32 a.m.
Bitcoin struggled to rise as U.S. Treasury Secretary Janet Yellen kept the market from cheering El Salvador's plans to adopt the leading cryptocurrency as legal tender.
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In a taped announcement on Saturday, El Salvador President Nayib Bukele said he plans to submit legislation that will make bitcoin legal tender. The announcement lifted investor sentiment, with some calling a potential adoption at the government level a major bullish development.
However, the cryptocurrency remains locked well within Saturday's trading range of $34,900 to $37,900. At press time, bitcoin is changing hands near $36,200, according to the CoinDesk Bitcoin Price Index, up 1% on the day.
China's regulatory crackdown and U.S. Treasury Secretary Janet Yellen's latest comments on interest rates could be capping the gain.
Also read: Bitcoin, Other Cryptos Fall After Weibo Blocks Rekindle Fears of China Crackdown
On Sunday, Yellen told Bloomberg that President Joe Biden's $4 trillion spending proposal would be positive for the country, even if it leads to a rise in interest rates. "If we ended up with a slightly higher interest rate environment, it would actually be a plus for society's point of view and the Federal Reserve's point of view," Yellen said.
A rate increase dilutes the appeal of perceived inflation hedges such as bitcoin and gold.
China stepped up its crackdown on bitcoin trading and mining over the weekend, blocking many cryptocurrency “key opinion leaders” on Weibo. The move comes weeks after China reiterated its long-standing ban on cryptocurrency trading and mining, sending the price of bitcoin lower.
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XRP Faces Downside Risk as Social Sentiment Turns Wildly Negative
The turn in crowd mood comes after a two-month slide of roughly 31%, leaving the token vulnerable to further downside if risk appetite weakens across majors.
What to know:
- XRP's price approached the $2 mark as social sentiment around the token turned sharply negative, according to Santiment data.
- The token has experienced a 31% decline over two months, making it vulnerable to further losses if market risk appetite weakens.
- Santiment's sentiment model indicates XRP is in a 'fear zone,' where negative commentary significantly outweighs positive talk, potentially influencing market positioning.
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