Bitcoin rose in response to Joe Biden’s statements

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President Joe Biden spoke on Thursday July 27 about a new law called anti-inflation law to fight inflation and climate change. The latter said the law would ease inflationary pressures on the economy, but it also represents the largest investment in energy security the country has ever seen.

However, the President of the United States refused to acknowledge in this latest speech that his country is currently on the verge of recession and it may be too late to avoid the worst economic scenario.

In response, the markets got very excited, especially in relation to cryptocurrencies. enjoying a sharp rise, reaching peaks not seen in weeks.

Bitcoin exceeds the € 23,000 threshold

The cryptocurrency market is known for its volatility, and in recent weeks bitcoin has shown once again that the sector is sensitive to sudden and premature changes. Recall: on July 20, the price of the famous cryptocurrency was around 23,739.51 euros. it was an immediate rebirth at a difficult time. However, in the following days, the bitcoin price dropped to $ 25,000.

The cryptocurrency-focused community expects greater volatility as the US Federal Reserve announces its next rate hike. And indeed these expectations turned out to be justified, because there was a really strong swing, the fact remains that the surprise was that the price of bitcoin benefited from a significant increase, while valuations were down in the event of a bearish. . change.

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In few hours The price of bitcoin surpassed $ 25,000 before hitting $ 24,671.25. Other new information from the United States has also further spurred this outbreak. Joe Biden said the current economic situation in the United States is not a recession. However, there are rumors among experts and analysts that the US economy is more serious than recent statements suggest.

Investors will see itUS GDP fell by 1.6% in the first quarter and this contraction continued in the second quarter with a decline of 0.9%. Furthermore, it is customary to say that a country whose GDP has been declining for several quarters is in a state of economic recession. It should be noted that the health crisis linked to the Covid-19 epidemic is undoubtedly the cause of the current economic situation. Additionally, Joe Biden may have deliberately avoided using the word “recession” to qualify his recent balance sheet results to avoid panicking the markets.

Great return of Ethereum Classic in the top 20

Ethereum Classic is back in the top 20 most important cryptocurrencies, according to CoinMarketCap. Now in 18th place with a market cap of $ 5.77 billion. As of July 29, this increase follows the announcement of an update to The Merge and concerns from some investors that miners currently running on Ethereum may switch to another blockchain.

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as a reminder The Ethereum merger refers to the next update that will transform the blockchain from a proof of work system to a proof of stake system. that is, its operation will no longer require the computing power of the miners. The latter will in fact become useless and obsolete for the Vitalik Buterin project, and it is likely that they will turn to other cryptocurrencies.

However, nothing suggests they will meet on Ethereum Classic; especially since the so-called Chandler Guo, the creator of this alternative blockchain born in 2016 thanks to a fork, announced his intention to repeat the same maneuver in 2022.

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