Fast Take
Fitch’s latest downgrade of the US’ credit standing from AAA to AA+ on Aug.1 has led to an attention-grabbing shift within the crypto market, with Bitcoin peaking at $30,000.
ZeroHedge highlighted {that a} related downgrade in 2011, triggered market turbulence, inflicting Treasury yields to crash and record-high gold costs. Nonetheless, this time, the broader market has displayed a stunning degree of stability as US inventory futures are solely down roughly 1%.
Fitch’s announcement was adopted by Bitcoin’s worth surging to $30,000 within the early hours of Aug. 2.
Regardless of Treasury Secretary Janet Yellen’s dismissal of the downgrade as ‘arbitrary’ and ‘outdated,’ this occasion has demonstrated the crypto market’s sensitivity to such international monetary developments, even whereas the broader market stays unexpectedly regular.
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