It’s been a wild 24 hours for Bitcoin, capping off a down week following a wave of negative headlines and rising bond yields which pushed prices down to the $25,000 level before rebounding slightly Friday.

The largest crypto by market value fell for the sixth consecutive day with losses of over 11%, as tracked by Dow Jones Market Data Group. 

Much of the crypto speculation on the downside volatility came after the Wall Street Journal reported late Thursday that Elon Musk’s SpaceX wrote down or jettisoned $373 million of Bitcoin. 

ELON MUSK’S STARLINK HELPING MAUI FIRE RECOVERY

Inquiries by FOX Business to SpaceX were not immediately returned. 

Bitcoin Magazine, in a post on X, the social-media website formerly known as Twitter, questioned the accuracy of the reported sale or reduction. 

While Bitcoin Foundation Chairman Brock Pierce told FOX Business that the report may have contributed to the selloff, he also noted what may have an even bigger impact: rising Treasury yields. 

CRYPTOCURRENCIES: LIVE MARKET PRICES

“You have a number of other things that are called broader market based, like rising interest rates. And when you sit back and the government is paying high yields, but why take risk when you know government is going to pay a high yield and people move out of riskier investments to safer fund like investment products?” he noted. 

On Thursday, the yield on the 10-year hit 4.307%, a new 52-week high. The safety of this government debt is now at the highest since November 2007, as tracked by Dow Jones Market Data Group. Yields slipped slightly on Friday. 

The Federal Reserve has raised interest rates 11 times to a 22-year high of 5.25% to 5.5%, and minutes from the last meeting, released this week, showed policymakers are still concerned about inflation, which may require more rate increases. 

INFLATION MAY REQUIRE MORE RATE HIKES: FED MINUTES SIGNAL

Additionally, the WSJ Dollar Index has been strengthening, up seven consecutive trading days, the largest seven-day point and percentage gain since Monday, July 24, 2023, as tracked by Dow Jones Market Data Group. 

Selling of bullish crypto positions have topped $1 billion, the most since June 2022, according to a research note by Hani Abuagla, senior market analyst at XTB. 

Read More 

As you know, I just sat down with former President Donald Trump in an hour-long economic interview. We sat directly across from each other. We were face-to-face. We talked policies, issues, heavy-duty content and substance.

Here’s my gut reaction: I saw a great American leader. I saw experience, broad-based knowledge and a strong recall of facts and figures. I also saw command of our problems and a strong desire to solve them. I saw strength. I saw a moderate temperament.

Finally, I heard a positive vision to end the country’s current decline and rejuvenate America’s prosperity and confidence at home and its standing around the world. I also heard common sense.

TRUMP FLAMES BIDEN’S ECONOMY, ATTACKS ON ‘MAGA’: HE ‘WOULDN’T KNOW’ WHAT IT MEANS 

FORMER PRESIDENT DONALD TRUMP: You know, to a large extent, everything you and I talk about is common sense and we have a lot of common sense, and the problem is they don’t have common sense. They don’t know what they’re doing and they’re destroying our country. We’ll turn it around fast.

CLICK HERE TO GET THE FOX NEWS APP 

There you heard it. On the economy, Mr. Trump wants to reopen the fossil fuel spigots, cut taxes and regulations, protect the value of the dollar, and tear into the Washington, D.C., deep state. 

He is a superb negotiator and he will live and die to protect American interests. That is what I heard in our interview. Frankly, I don’t see anyone else on the horizon who can match his brand of American leadership.

This article is adapted from Larry Kudlow’s opening commentary on the August 18, 2023, edition of “Kudlow.” 

Read More