- The current inflation situation is a major aspect of his forecast.
- The Federal Reserve increases interest rates.
A sharp drop in the cryptocurrency market has occurred once again. Very negative patterns can be seen in the bitcoin price. Its price is down about 6% in the past 24 hours to $18,753. Expert investor Michael Perry has warned that the recent downturn in the cryptocurrency market could lead to a global economic catastrophe on a par with that of 2008.
Perry was one of the few experts to predict the housing and mortgage crisis that hit the US in 2008. Perry’s predictions of economic catastrophe are based on a number of different assumptions. Bitcoin lost about 8% of its value in the previous week. While the Ethereum consolidation got off to a good start, the ETH price was very pessimistic. In just 24 hours, ETH lost more than 9% of its value.
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DogecoinAnd the SolanaPolkadot, MATIC, and Ethereum Classic are just some of the other cryptocurrencies that are down 8-10%. The crypto market downturn is one of the many elements that support Burry’s predictions. The SPAC market slump is another thing to bring up. The special purpose buyout market peaked in 2021, but has been in sharp decline since then.
The current inflation situation is a major aspect of his forecast. Inflation has reached historically high levels, according to the Consumer Price Index. To slow inflation, the Federal Reserve raised interest rates and implemented quantitative tightening.
In a recent speech at Jackson Hole, Federal Reserve Chairman Jerome Powell warned families and businesses to prepare for “pain” as the central bank battles inflation. At the moment, the US economy is going through a difficult phase. Recession is a real possibility, and people are already dealing with historical inflation.
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