Analysts at financial services firm Presto, Peter Chung and Min Jung, have issued a serious warning about the implications the upcoming US election could have on the bond market. According to their analysis, these comics could cause a “Minsky moment” type bond market collapse, a scenario that would significantly impact other assets, including Bitcoin.
This alert comes after a recent interview with prominent investor Paul Tudor Jones, who expressed his optimism on CNBC about Bitcoin, gold, commodities and Nasdaq stocks. Tudor Jones attributes his positive outlook to the growing economic risks facing the country.
Presto analysts explain that the US debt-to-GDP ratio has increased from 40% to 100% in the last 25 years. And, it is expected to reach between 124% and 200% in the next three decades.
This alarming increase could trigger a “Minsky moment” in which the bond market is forced to recognize the seriousness of the fiscal situation and demand significantly higher interest rates to finance the deficit. Which would result in a bond market collapse.
Binance“>Nigeria drops money laundering charges against Binance executive
The Nigerian government has dropped all money laundering charges against Tigran Gambaryan, a senior executive at Binance Holdings, who had been arrested in April 2024. The decision was announced on Wednesday morning at the Federal High Court in Abuja, according to Premium Times reported.
Gambaryan was detained along with a colleague, Nadeem Anjarwalla, during a visit to Nigeria in February. While Anjarwalla managed to escape, Gambaryan remained in custody at the Kuje Correctional Center in Abuja since then. Although Nigerian authorities had already dropped tax charges against both executives in June, Gambaryan continued to face accusations related to money laundering.
Mark Mordi, Gambaryan’s lawyer, supported the prosecution’s decision, arguing that his client was not involved in the company’s key financial decisions. The withdrawal of charges comes after months of diplomatic talks between Nigeria and the United States.
Tesla still keeps its Bitcoins after mysterious transfers to new wallets
Tesla remains one of the largest corporate holders of Bitcoin, worth an estimated $780 million, despite an unexpected move on October 15. That day, the company transferred its 11,509 Bitcoin to several unidentified wallets, generating speculation and some anxiety on social media. However, according to analysis firm Arkham Intelligence, Tesla has not sold its cryptocurrencies, but simply reorganized its assets between seven different wallets.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗧𝗘𝗦𝗟𝗔 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗪𝗔𝗟𝗟𝗘𝗧𝗦
We believe that the Tesla wallet movements that we reported last week were wallet rotations with the Bitcoin still owned by Tesla.
Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets. pic.twitter.com/aWeHrwjo22
— Arkham (@ArkhamIntel) October 22, 2024
The two wallets that received the largest sums, with values of $142.2 million and $128.1 million respectively, have remained inactive since then. And the price of Bitcoin, far from collapsing, rose 5% to USD 69,220 in the following days.
Although the reason behind these transfers has not been made clear, some analysts suggest that Tesla could be moving its funds to a custodian. Which would allow Elon Musk’s company to obtain a loan backed by Bitcoin. Currently, Tesla uses Coinbase Prime Custody to store its cryptocurrencies.
Ripple CEO supports John Deaton in his candidacy for the United States Senate
Brad Garlinghouse, CEO of Ripple, has expressed his support for Republican John Deaton in his scandal-ridden race in the US Senate, representing Massachusetts.
In a post on X Garlinghouse declared his “enthusiastic and wholehearted” support for Deaton. Highlighting his work in defending XRP holders and the Cryptocurrency industry in general.
@JohnEDeaton1 has been a relentless advocate for the XRP Army (aka XRP Family!) and the entire crypto industry. Meanwhile, his opponent, @SenWarren spreads misinformation and lies about crypto.
I endorse John enthusiastically and wholeheartedly in his run for Senate.
For those… https://t.co/EIUsh6BC3O
— Brad Garlinghouse (@bgarlinghouse) October 22, 2024
Garlinghouse’s support came as no surprise, as he, along with other Ripple leaders such as Chris Larsen and Stuart Aldertoy, have contributed to Deaton’s campaign. Additionally, Ripple has donated to the Commonwealth Unity Fund PAC, which supports the candidate and opposes incumbent Senator Elizabeth Warren.
Cryptocurrencies have become a key issue in the Senate race. During the debates on October 15 and 17, Senator Warren criticized Deaton, stating that her loyalty in Washington would be exclusively towards cryptocurrencies due to her campaign financing. Deaton, for his part, accused Warren of focusing too much on cryptocurrency regulation, leaving aside issues such as the economy and immigration.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
