Green Friday: Crypto Markets unfazed by bullish rate hike
July 29, 2022 12:58 AM
The Fed’s tries to reel inflation in by raising interest rates are generally associated with a retreat of investment exercise across markets.
The cryptocurrency markets have been pumping since the notice of a 75 base point interest rate hike in the United States, with experts clarifying that the markets may have been originally amping for much worse.
On July 27, the price of Bitcoin( BTC) surged around 8 to the mid $22,500 mark following the Federal Open Markets Committee( FOMC) verdict to raise interest rates yet again. multiple other top crypto assets surged in price as well, with Ether( ETH), Polkadot( DOT) and Polygon( MATIC) all seeing notable double- figure gains over the past 24 hours.
Mati Greenspan, the Quantum Economics founder on Wednesday jokingly questioned on Twitter whether this was a “ bullish rate hike. ”
Speaking to Cointelegraph, Greenspan noted that investors were certainly anticipating worse and suggested this last dash is nothing out of the ordinary.
“ Markets love going up on Fed days, even when their decision is expected to be tough. Powell in particularly is highly skilled at delivering bad news. certainly investors were anticipating worse. ”
However, there are mixed opinions among the community about whether the recent pump will possess enough momentum to sustain above or if there's a significant retracement on the cards before the market starts to systematically recover.