"On top of this, Vanguard Group has begun allowing clients to trade spot Bitcoin exchange-traded funds (ETFs), marking a notable expansion in access to crypto products for the $12 trillion asset manager's investors. Yet, Vanguard's senior leadership emphasized that its fundamental view of BTC and other cryptocurrencies remains skeptical. John Ameriks, Vanguard's global head of quantitative equity, said Thursday at Bloomberg's ETFs in Depth conference that Bitcoin is better seen as a speculative collectible than a productive asset."
"Analysts described the decline as a "sell the fact" reaction, since markets had already priced in the move. The pullback comes amid mixed signals from the Fed. While the rate cut to 3.50%-3.75% was widely anticipated, Fed Chair Jerome Powell's cautious remarks and a 9-3 split among FOMC members - one favoring a deeper 50-basis-point cut and two opposing any reduction - tempered enthusiasm for risk assets, including BTC."
Bitcoin experienced volatility, briefly rising above $93,000 before falling below $90,000 and stabilizing around $90,600. The market reaction followed a widely anticipated 25-basis-point Federal Reserve rate cut to 3.50%-3.75%, but cautious remarks by Fed Chair Jerome Powell and a 9-3 FOMC split moderated risk appetite. Analysts characterized the move as a "sell the fact" response because the cut had been priced in. Vanguard began allowing clients to trade spot Bitcoin ETFs while senior leaders remained skeptical, describing Bitcoin as more speculative than a productive, income-generating asset.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]