The crypto market has taken big hits in the last month or so and the BTC still struggles to break the $30k mark. Recently the poster boy for crypto went under but recovered and managed to close at $29,000.
But as the cryptocurrencies weakened the S&P 500 boasted a 1% addition to their stats. The Nasdaq also ended at a 1.91% high. These are some of the outcomes that were predicted when the Feds Raised the interest rates by 0.5% in May. They plan to reduce the balance by at least $47.5 billion for the next 3 months and almost $95 billion by September.
Powell said that the inflation is too high and the hardships that it causes are being noted. This is the highest inflation that the US has witnessed in the last 40 years, but Bitcoin still remains bearish. Not only that it has been on a downward streak for the past 8 weeks, which is a first. Futures options show that the bear market will continue and the price will drop further too.
Although the $30k mark might be breached there will be times of high volatility as the crypto market’s fate remains uncertain. These will be testing times for crypto enthusiasts and investors alike, as the world of crypto faces this storm, it is highly likely that most people might just sell off their crypto collections.
If you have been looking for an entry point into the crypto market then right now is the best time to do so.