Gracy Chen says macroeconomic uncertainty could keep Bitcoin within $10,000 to $20,000 of current levels, while US government purchases remain unlikely within the next two years. Bitget CEO Gracy Chen expects Bitcoin to remain broadly around current levels through the end of the year despite its recent surge, citing interest rates and broader macroeconomic conditions as key factors shaping the cryptocurrency’s outlook. Speaking on Cointelegraph’s Trade Secrets podcast, Chen said predicting whether Bitcoin (BTC) will finish the year above or below $70,000 is difficult, pointing to the possibility of higher interest rates as one factor that could pressure prices. Cointelegraph host interviews Bitget CEO Gracy Chen. Source: Trade Secrets Read more
The hedge fund founder with an estimated net worth of $15 billion recommended that investors overweight Bitcoin and gold rather than bonds. The founder of the Bridgewater Associates hedge fund, Ray Dalio, called on investors to put money into gold and “a bit of Bitcoin” in response to a looming debt crisis. In a Friday LinkedIn post, Dalio said having between 10% to 15% of one’s portfolio in gold could help reduce risk. He advocated for gold and Bitcoin (BTC) as assets to be overweight compared to debt assets like bonds, citing risks from “internal political and external geopolitical conflicts.” “My guess, which I suppose will be a bad one, is that [a US debt crisis] will come in three years, give or take two, if the course we’re on is not changed,” said Dalio. Read more
The CFTC ordered a trading ban for former Alameda and FTX executives, and US prosecutors opposed a motion from a US soldier accused of profiting from the removal of Nicolas Maduro. Update (Aug. 21, 9:50 pm UTC): This article has been updated to include information about the criminal case against Edward Zimbardi. On Tuesday, the US District Court for the Southern District of New York (SDNY) entered consent orders related to a 2022 enforcement action against former Alameda Research CEO Caroline Ellison and crypto exchange FTX co-founder Zixiao “Gary” Wang. The orders imposed by the US Commodity Futures Trading Commission (CFTC) required that Ellison and Wang receive a five-year trading ban related to their roles in the crypto exchange’s collapse. The CFTC also ordered that the Alameda CEO receive a 10-year registration ban, while Wang received an eight-year registration ban. Read more