Pick your Bitcoin poison ☠️

Expect volatility for both Bitcoin and mining stocks no matter what the Fed does today, 10X Research says.

Author

Stacy Elliott
July 31, 2024

Expect volatility for both Bitcoin and mining stocks no matter what the Fed does today, 10X Research says.IN PARTNERSHIP WITH

📝 What you need to know

Bitcoin and BTC mining investors could be in for volatility no matter what Federal Reserve Chair Jerome Powell says about interest rates, writes 10X Research founder Markus Thielen.

If Fed Chair Jerome Powell isn’t dovish enough about lowering rates in September, that could trigger a Bitcoin sell-off later today. But if he does spark optimism—and a BTC rally to go with it—it’ll be in stark contrast to the depressed earnings publicly traded Bitcoin miners are expected to deliver this week.

Marathon Digital Holdings (MARA), a key industry player, is anticipated to report a quarterly loss tomorrow. “Marathon’s realized hashrate declined to 75% in June,” Thielen writes. And in the past, when MARA misses its earnings, it triggers a BTC sell-off.

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“The truth is that Bitcoin, which was introduced 15 years ago, an eon in tech time, remains economically useless […] A couple of exceptions to its uselessness are money laundering and extortion.”

Paul Krugman, economist

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