CoinShares: Bitcoin Needs Iran Resolution or Further U.S. Debt Confidence Loss to Sustain Break...

CoinShares: Bitcoin Needs Iran Resolution or Further U.S. Debt Confidence Loss to Sustain Break Above $80KCoinShares said Bitcoin has increasingly traded like gold over the past two weeks, with renewed concerns over U.S. fiscal sustainability and Treasury purchases of long-dated government debt helping drive BTC from the low $60,000s to as high as $80,100. However, Fed policy remains the main constraint on further gains. CoinShares said a sustained move above $80,000 would likely require either a resolution of the Iran conflict that lowers oil prices and inflation expectations, or a further deterioration in confidence in U.S. sovereign debt that boosts demand for non-sovereign stores of value. The August inflation report and September Fed meeting are the key near-term events to watch.

Source: Wu Blockchain