Market Wrap: Bottom Has Not Been Reached for Crypto, but Capitulation Is Needed

by rising as much as 16% during the rally, fell back to the levels they held prior to Powell’s comments.

The same scenario occurred after the Fed’s previous meeting in May. At that time both stocks and crypto rallied during Powell’s post-meeting press conference when he explained that rate hike. The reality check came the next day. Bitcoin came close to hitting $20,000 in the past 24 hours, a threshold that could potentially trigger large liquidations. But this likely isn’t the bottom yet, said Apifiny CEO Haohan Xu, given the lack of bullish sentiment and worsening liquidity.

“With the rate hike, we will actually see decreasing yield in the crypto space across all assets,” he wrote in a note. “Borrowing has been very important for anyone participating in the crypto market, whether it's traders trying to profit from contango or market makers trying to arbitrage across exchanges.”

In contango, a commodity’s futures price exceeds its spot price. Xu noted, “With the fading contango and the narrowing spread in the crypto market recently, institutions see less incentive in running those strategies and thus have less need to borrow. All of the above combined with the general market condition will force high yield providers to cut rates to a much lower level."

HeleneBraunn No data, no validty. Just opinion.

HeleneBraunn Bitcoin will be below $10,000 The only question is how low

HeleneBraunn And people panicking again!

HeleneBraunn Bottom has not been reached yet according to you (maybe right) but did you advice about the ath top? Nope, so basically you are like everyone else, just guessing, good luck

HeleneBraunn Can anything stop bitcoin from going lower?🤔🤔🤔🤔🤔 I'm just glad I focused more on buying and staking $TORN in $ppTORN to generate more income without the fear of unnecessary gas fees or loss

HeleneBraunn 12k is inevitable

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Market Wrap: Fed Hikes Rates at Highest Level Since 1994, Bitcoin Rallies AfterMARKET WRAP: Bitcoin (BTC) rallied on Wednesday after the federalreserve announced a 75 basis point rate hike, but remained under $22,000. HeleneBraunn reports federalreserve HeleneBraunn If you buy btc here they will fuck u so wait for 14k. federalreserve HeleneBraunn With XEP🧿 gaining a huge recognition worldwide now, I'm sure this coin will now be less than 150x its current value. ElectraProtocol federalreserve HeleneBraunn This is great news. I think bitcoin will stay in this range
Source: CoinDesk - 🏆 291. / 63 Read more »

Crypto Market Sheds $80B in Hours: BTC Struggles at $20K, ETH Amid $1K (Market Watch)The crypto markets have seen another $80 billion gone as BTC fights to stay above $20,000 and ETH is at just over $1,000.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Stock Market News Live Updates: Dow, S&P 500 Falter as Post-Fed Rally FadesFull coverage of markets, a day after the Federal Reserve approved its biggest interest-rate increase since 1994. Debit ceiling rose with diaper don between 2016 2020 biggest liberal spending the republicans party just became the biggest liberal party in history of America 🇺🇸 spending the tax payers money 4 years 8 trillion tax payers dollars Debit ceiling all the fake news is Astonished
Source: WSJ - 🏆 98. / 63 Read more »

WTI Crude Oil Forecast: Market Gives Up Early Gains AgainThe West Texas Intermediate Crude Oil market initially rallied on Tuesday but gave bank gains yet again as we continue to see plenty of volatility.
Source: Daily_Forex - 🏆 567. / 51 Read more »