Bank of America economists believe that despite pressure from President Trump for rate cuts, the Federal Reserve may consider raising rates given rising energy costs and ongoing Middle East conflicts. Bitcoin is trading below $70,000, having previously touched a 45-day high of $75,600. Analysts point out that while rate hikes could initially put pressure on risk assets like cryptocurrencies, bitcoin could benefit in a potential stagflation scenario, thereby enhancing its appeal as a hedge against currency devaluation.