#quantitative-tightening

#quantitative-tightening

Bitcoin price's recent rally yesterday ran into resistance just above $116,000, settling under $113,000 at the time of writing, as traders weigh broader macroeconomic signals ahead of today's Federal Reserve announcement. The cryptocurrency market's total capitalization has retreated 1.4% over the past 24 hours to $3.81 trillion, according to Bitcoin Magazine Pro data, even as U.S. equities continue to reach fresh highs.

In a report called Fixing the Leak, the IPPR's associate director for economic policy, Carsten Jung, says the Treasury should rein in the costs of QE as public finances are tight. What started as a programme to boost the economy is now a massive drain on taxpayer money, he said. Public money is flowing straight into commercial banks' coffers because of a flawed policy design. While families struggle with rising costs, the government is [in effect] writing multibillion-pound cheques to bank shareholders.