Bitcoin soared past $22,000, its highest level since mid-September, as the broader cryptocurrency market continued its unexpected 2023 rally. _jocelynyang_ reports
currently shows that traders see roughly a 97% chance that the Federal Open Market Committee will raise rates by just 25 basis points at its next meeting in February – slowing from the 50 basis-point hikes in the December meeting.
Sheraz Ahmed, managing partner at STORM Partners, told CoinDesk that while recent macro data – “including a modest pullback in inflation, downwards-trending wage and employment data and a seemingly weaker dollar”– have induced some market relief, how the Fed will handle monetary policy while balancing economic data and recession fears will have a big impact on the market overall.
"Post-rally euphoria is always a great feeling but it should be treated with caution to avoid mistakes whether prices continue to rise or fall,” Ahmed said. Oanda’s Moya said in a Friday note that if more tightening goes beyond the March meeting, “risky assets broadly, including crypto, could be vulnerable to major selling pressure.”
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