The price of bitcoin (BTC) traded above USD 24,000 on Friday morning (UTC), reaching its highest in nearly 7 weeks, after news that the US has entered what many consider a technical recession, as well as speculations that the US Federal Reserve (Fed) will soon turn from aggressive tightening to easing.
The gains in the crypto market this week started on Wednesday, when the Fed announced its latest 75-basis point rate hike in the US, a move that would normally be seen as negative for risk assets. But since the hike was largely expected by market participants, attention instead shifted to the tone of the Fed’s statement and Fed Chair Jerome Powell’s press conference, which was seen as slightly less aggressive than before.
In his press conference, Powell said that “another unusually large increase could be appropriate at the next meeting” in September. However, he also added that as rates become more restrictive, it will likely be appropriate to “slow the pace of increases.”
...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...