Bitcoin reaching new peak of $73K is a 'coin flip'

The price of bitcoin (BTC-USD) has been under pressure, sliding below the $60,000 benchmark level with ethereum (ETH-USD) and other altcoins following suit. Where is this down trend coming from and can investors expect it to fall further? IDX Advisors chief investment officer Ben McMillan joins Market Domination to give insight into the recent movements in cryptocurrencies and what investors can expect moving forward. McMillan argues that crypto tail risks could emerge from "material worsening of the macro data that could lead into a true recession, and then I think you'd have to watch out for bitcoin breaking below $50,000 And potentially retesting $40,000." On bitcoin's prospects of riding high to $73,000, McMillan states: "I think it's a coin flip. A lot of it rides on whether or not we get a recession, and if we do, how bad it is. The one big thing is the rates markets are still pricing in 100 basis points or even slightly more of rates cuts. To the extent that we only end up seeing 75 again, I think that suggests we're going to see more of a risk off move." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Nicholas Jacobino

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  Why MicroStrategy's bitcoin approach is 'paying off'

  Yahoo Finance Video
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  Cryptocurrencies tumble, bitcoin falls below $60k

  Yahoo Finance Video

Nvidia earnings, cryptocurrencies falling, retail: 3 Things

Semiconductor manufacturer Nvidia (NVDA) is set to report second quarter earnings after today's market close. Wall Street is paying close attention as Nvidia's results are expected to be a major market mover (^DJI, ^IXIC, ^GSPC) and a bellwether for the AI trade. Bitcoin (BTC-USD), ethereum (ETH-USD), and other cryptocurrencies are falling Wednesday morning. Major retail chains Kohl's (KSS), Abercrombie & Fitch (ANF), and Foot Locker (FL) all reported their own second quarter results as they navigate challenged consumer environments. For more expert insight and the latest market action, click?here?to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.