Despite the Federal Reserve’s aggressive rate hikes, the cryptocurrency market is showing an upward trend along with U.S. stock index futures as there are hopes that the U.S. economy may avoid a hard landing.
“Sentiment across the market this morning looks somewhat weak,” Oanda senior market analyst Craig Erlam wrote in a note to clients. However, cryptocurrencies seem to have dissipated Friday’s shock (a significantly better-than-expected employment report) much quicker.”
He added that Bitcoin “appears to be targeting $25,000.”
“With another 75bps rate hike expected next month, a lot might change until then, but investors are likely to be nervous for two days ahead of Wednesday’s Consumer Inflation (CPI) report,” Erlam said.
*Image source: Bloomberg
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