Cryptocurrency stocks have been hit hard since the beginning of the year due to the overall risk-off environment. The top two cryptocurrencies, Bitcoin and Ethereum, are down roughly 50% year-to-date.
The stock market has had a difficult first half of the year due to the multi-decade-high inflation, the Fed’s aggressive interest rate hikes, and geopolitical tensions. During the cryptocurrency bull run last year, many crypto advocates argued that it is a good store of value due to its scarcity. However, amid the global macroeconomic uncertainty, crypto stocks have gotten crushed this year.
The U.S. consumer price index came in lower than analysts’ expectations after rising 8.5% year-over-year in July. This led to a rise in the prices of Bitcoin and Ethereum, with hopes that the Federal Reserve would ease its monetary policy tightening.
However, crypto stocks could remain under pressure in the near term as minutes from the Federal Reserve’s recent policy meeting revealed that more...
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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...