For the current market, the most important thing is to survive to see the new moon after the crypto tide. - by BingVentures cryptocurrency bitcoin
's monthly moving average briefly held around $20,000. It was also one of the quietest Octobers on record for Bitcoin. The whole cryptocurrency market has maintained a volatile trend for quite a long time. And the market created by this volatility is also vulnerable to unstable news, which can cause an upset to the balance.
A lot of people are pessimistic about what's going on right now, but in the long run, this is one of the positive things that will happen to the crypto industry. The collapse of FTX followed the withdrawal of institutions and the release of risks.
The comments instantly boosted speculation that the Fed would cut interest rates in December. US stocks bottomed out and led to a rebound in the crypto market. In fact, expectations had been for a 75 basis point hike in December. But the Fed raised rates by 75 basis points for the fourth time in a row and the sixth time this year. Mortgage rates, meanwhile, are rising to a 15-year high of 7.5-9%.
So it is not ruled out that Powell will continue to play the big game after the midterm elections stabilize. Therefore, crypto investors cannot rely on the Fed to lift up and fall down gently. The ultimate landing point is still the risk aversion of funds on the floor. At present, under the FTX incident, the floor funds around Bitcoin show a positive and firm state.
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