In a recent episode of Macro Markets, Cointelegraph analyst Marcel Pechman discusses the downgrading of U.S. government debt by Fitch Ratings and its potential impact on the price of Bitcoin. Pechman explains that the downgrade has led investors to adopt a cautious stance and move their money out of assets such as stocks, silver, oil, and long-term bonds, and into cash and short-term instruments. He notes that the cost of insuring U.S. sovereign debt against default has remained stable post-downgrade, possibly due to the perception that U.S. Treasurys are still considered safe investments. However, Pechman argues that Bitcoin is under pressure from the debt downgrade, as investors initially prioritize liquidity over decentralized assets during market turbulence. He also discusses the recent European Union bank stress test, which revealed three institutions falling short, highlighting the erosion of investor confidence in risky institutions. Overall, Pechman suggests that appearance and liquidity conditions play a significant role in market dynamics.