1. The signals that the market sees about the US economy
“The more modest increase is part of the reason many cryptocurrency prices have risen. It is seen as a positive economic sign and demand for bitcoin is now building. It has been positively correlated with equity markets in recent years and the lower rate is a bullish sign for the stock market,” said Joe DiPasquale, CEO of BitBull Capital in Bolsamanía.
For his part, Neil Wilson, chief market analyst at Markets.com, thinks that Chairman Jerome Powell is likely to report a 25 basis point hike in interest rates, but warns that “not the same as a parry or a pivot”.
In this sense, Wilson and Naeem Aslam, chief market analyst at AvaTrade, point to the latest GDP data from the United States, which grew more than expected despite signs of slowdown.
“This gives the Fed confidence. If they want to aggressively raise interest rates like they are now, they certainly can.”emphasizes Aslam, who believes that another of the key questions will be to know if the US economy will experience a soft landing”.
2. What happens with the crypto market
In another order of things, DiPasquale also stresses that the current market conditions continue to be conducive to the downside after a few weeks in which optimism drove the prices of the main cryptocurrencies.
“Investors may choose to take profit now given the downside potential and the possibility that bitcoin could test $20,000 again in the near future,” the analyst estimated.
3. Research in the crypto world
Likewise, news continues to arrive about the judicial investigation surrounding the collapse of FTX. The latest news is that federal prosecutors have asked the bankruptcy court hearing the case to ban sam bankman-friedfounder and former CEO of the ‘exchange’, Communicate with former and current employees of the Company and the Alameda Investment Firm. According to prosecutors, SBF would have contacted a former employee to try to “influence a possible testimony.”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
