Going To ‘Be A Big Week'—Bitcoin Suddenly Soars As Crypto Braces For Massive Price Shocks
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The bitcoin price surge comes the stars on Wall Street, at the Federal Reserve and in Donald Trump's White House align for bitcoin and crypto—setting up what could be an explosive end to the year.
This week, after U.S. president Donald Trump dropped a $12.2 bitcoin and crypto bombshell, the bitcoin price and crypto market is braced for price shocks from bitcoin treasury companies as well as important U.S. inflation data that could all but confirm a Federal Reserve interest rate cut in September.
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"[It's going to be] a big week," David Bailey, who has advised Trump on bitcoin and now leads a bitcoin treasury company called Nakamoto, posted to X.
This week, Nakamoto will become the latest company to begin buying hundreds of millions of dollars worth of bitcoin, following in the footsteps of Michael Saylor's Strategy and a handful of copy cat companies that have tried to reproduce Strategy's success.
Saylor has indicated Strategy will announce another bitcoin purchase this week, following its near $2.5 billion buy last week, with Strategy now holding almost 3% of the 21 million bitcoin that will ever exist, worth $76 billion.
Meanwhile, the latest U.S. consumer price index (CPI) data is out this week, with traders hoping it will improve the already high chances of a Federal Reserve interest rate cut next month—something that would support risk assets like bitcoin, crypto and technology stocks.
The market is currently putting the odds of an interest rate cut in September at almost 90%, according to the CME's tracker, with a lower CPI reading likely to drive those odds higher.
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Meanwhile, Trump, who has pushed Fed chair Jerome Powell to cut interest rates, has installed Stephen Miran, a bitcoin advocate and current chair of the Council of Economic Advisers, as a temporary Fed governor, expected to be a dovish voice on the Fed's interest rate committee.
Last week, the U.S. Securities and Exchange Commission (SEC) newly unveiled 'Project Crypto,' described by analysts as the 'boldest and the most transformative crypto vision ever laid out by a sitting SEC chair.'
'With institutional adoption accelerating through exchange-traded fund (ETF) flows, regulatory clarity improving via the SEC's Project Crypto initiative, and corporate treasuries such as Strategy continuing aggressive accumulation, the market presents compelling opportunities for sophisticated traders and long-term investors alike,' Gadi Chait, head of investment at Xapo Bank, said in emailed comments.
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