cryptocurrency

Is there such a thing as a bullish interest rate hike?

By Ben SmallAnalyzer In the digital asset broker listed on the stock exchange GlobalBlock

The cryptocurrency market kicked off the second half of this week on the back of recent interest modified resolution in the United States.

Despite starting the week under a lot of pressure in preparing for the decision, a green sea has been emerging across digital assets ever since.

BTC has bounced back above the $23,840K mark, putting the market leader comfortably within its higher ranges over the past six weeks. ETH has jumped as much as 13% since the announcement and reached $1.729K, a level it has struggled to break since early June as well. DeFi tokens also responded strongly, with Aave capping its price above the $92 mark (up nearly 40% in June) and Uniswap up 21%.

You could argue that this display of optimism reflects investors’ view that a more serious Fed action plan was to be expected, especially given the amount of political pressure that is mounting on governments to tackle inflation (the two shouldn’t be linked!).

Will crypto assets manage to maintain this momentum?

All eyes will now turn to any economic data that may conflict with the Fed’s goals. The FOMC not only has to be prepared to seriously damage the states’ growth prospects, but also contend with the realities of a looming recession and the job market is under serious pressure.

The latest US GDP release will be watched with interest, as well as initial jobless claims data due for release this afternoon. It will be interesting to see how inflation readings in Germany emerge today as well in light of Russia’s recent power manipulation that has forced gas prices to skyrocket in Europe.

UK Crypto News: Law Commission Pushes Certain Crypto Ownership Class

Investor advisors across the country have been campaigning for this push for a long time. The ongoing battle to try to integrate innovative digital products into traditional categories has proven ineffective at best.

Proposing to create a tombstone under personal property law is sure to make their lives easier and can make the digital regulation process more efficient as well. It would be interesting to see what kind of feedback the broader industry has about these proposals and more importantly how the government will respond.

#bullish #interest #rate #hike

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