.21Shares' hany says $BTC’s price is tied to macroeconomic factors and his firm hasn’t seen “too much material impact” on the digital asset’s performance following silvergate’s crypto-lending platform closure. _franvela reports
Silvergate’s story has yet to be defined, Rashwan said, but bitcoin's price performance is now being influenced by macroeconomic factors, including inflation, which he said “is still both rampant and here.”before a U.S. Senate committee Tuesday. Whether the Fed will increase interest rates again is likely, according to Rashwan. But pinpointing the connection between inflation and an asset like bitcoin “remains to be seen.
“I don’t think we’re out of the woods yet,” he said. “We will continue to see these [interest] rate rises,” he added, but whether the market has priced that in “it's really difficult to show right now.” Additional macro factors, including China’s loosening of its COVID-19 restrictions, could also drive a rally in the digital asset moving forward, Rashwan said, adding that “it’s definitely helpful.”was subdued for quite some time due to a number of factors, both economic and political,” Rashwan added.Read more:
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