Quick Take
Fitch’s recent downgrade of the United States’ credit rating from AAA to AA+ on Aug.1 has led to an interesting shift in the crypto market, with Bitcoin peaking at $30,000.
ZeroHedge highlighted that a similar downgrade in 2011, triggered market turbulence, causing Treasury yields to crash and record-high gold prices. However, this time, the wider market has displayed a surprising level of stability as US stock futures are only down roughly 1%.
Fitch’s announcement was followed by Bitcoin’s value surging to $30,000 in the early hours of Aug. 2.
Despite Treasury Secretary Janet Yellen’s dismissal of the downgrade as ‘arbitrary’ and ‘outdated,’ this event has demonstrated the crypto market’s sensitivity to such global financial developments, even while the broader market remains unexpectedly steady.
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