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Bitcoin prices have plummeted more than 10% since this time last week, with the downward trend suddenly accelerating, despite JPMorgan's CEO's surprise Bitcoin reversal. , $300 billion was wiped from the combined cryptocurrency market. It reached a peak of $2.8 trillion earlier this month.
Now, as Elon Musk makes a dramatic return to the crypto market, Bitcoin, Ethereum, I'm paying attention.
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Fed Chairman Jerome Powell to announce the Fed's latest interest rate decisions … [+]
Following the Fed's decision on Wednesday, rates are widely expected to remain unchanged, with officials expected to update their outlook in the coming months and currently expecting three rate cuts in 2024. It is.
However, in a poll of economists, financial times It turns out the Fed will be forced to keep interest rates high for longer than markets and central bankers expected. Cryptocurrency and stock markets have hit record highs in recent weeks on rising expectations that the Federal Reserve is poised to declare victory in the fight against inflation.
However, US inflation statistics released last week using the Consumer Price Index (CPI) and Producer Price Index (PPI) both showed that prices rose more than expected.
Meanwhile, Japan's central bank tightened monetary policy and raised interest rates for the first time since 2007 as deflation concerns eased and inflation rose.
“High inflation in the U.S. has prompted the Federal Reserve and other central banks to raise interest rates, slowing price growth and increasing the “This could cause prices to fall.” .
“However, as inflation directly impacts consumers and erodes their assets, consumers may increase their investments in cryptocurrencies to offset these impacts. The prevailing theory that currencies are “immune'' to inflation is that with increasing market interest and financial institutions' involvement, they become “immune'' to inflation. Further participation in the cryptocurrency market is likely. ”
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Bitcoin prices plummeted last week, Ethereum, XRP, … [+]
The Bitcoin and virtual currency markets have been booming this year with the debut of Bitcoin Spot ETFs (Exchange Traded Funds) on Wall Street. New Bitcoin ETFs have raised billions of dollars, making the largest ETFs in history part of a rapidly growing list of ETFs.
“The mood in crypto has been cautious in recent months due to the launch of the US Spot Bitcoin ETF and the shift in US Federal Reserve monetary policy,” Teal Capital Chief Investment Officer Ed Hindy said in an emailed comment. “My sense of optimism has turned to elation,” he said, pointing out the following: To the index of fear and greed of cryptocurrencies that are currently in the realm of extreme greed. “Historically, it signaled a short-term 'cooling off' period.
However, Hindi believes this is only a temporary decline before Bitcoin prices and the broader crypto market rise again.
“We expect Bitcoin and Ethereum to reach new all-time highs next year, leading to broader institutional participation in crypto assets. In our opinion, Ethereum and other altcoins will [smaller cryptocurrencies] It will outperform Bitcoin. ”
