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JPMorgan and Goldman Sachs have raised the odds of a recession in the US, the former citing Donald Trump’s “extreme” policies as the crypto and stock market crash. The capitalization of the digital asset market plummeted over 3% in the last 24 hours, with Bitcoin briefly tumbling below $80K. Meanwhile, the US stock market shed more than $1.7 trillion in value after President Donald Trump declined to rule out the possibility of a recession this year. JPMorgan Raises Recession Odds To 40% As Trump keeps the possibility of a recession this year open, economists at JPMorgan have increased the odds of a recession to 40%, from 30% previously. “We see a material risk that the US falls into recession this year owing to extreme US policies,” the analysts said. Goldman Sachs analysts are also bearish, raising their probability of a recession in the next 12 months to 20% from 15% previously. The analysts warned that the odds of a recession will likely conti...

Goldman Sachs’ digital asset lead Mathew McDermott said the bank remains “hugely positive” on exploring blockchain applications. Goldman Sachs’ digital assets unit is reportedly open to bolstering its 70-strong team, despite a massive cost-cutting exercise at the firm last month that will see 3,200 employees clear their desks. Mathew McDermott, Global Head of Digital Assets for Goldman Sachs said the bank remains “hugely supportive” of exploring Blockchain applications and that the Digital Asset division will hire “as appropriate” this year. The executive made the comments in Hong Kong to Bloomberg last week, noting that the digital assets team has grown from just four staff members in 2020 to around 70 today. The firm’s supposed openness to beef up its crypto team comes despite the firm cutting up to 3,200 jobs last month, its largest round of layoffs since the global financial crisis of 2008-2009. The cuts have reportedly impacted senior, middle and junior-level executives and conc...