2023-9-27 19:58 |
Higher yields are taking a toll on traditional assets as well, with the Nasdaq sinking 1.2% to its lowest level since early June. origin »
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Last week, the Fed cut its federal funds target rate by 50 bps to 5.00% p.a. (upper limit) which could have strong implications for the crypto community, says Andre Dragosh, head of research Europe, CoinShares.
Traders betting on Fed fund contracts are pricing in a 65% implied probability of rates cut to a 4.5-5% range. PLUS: Circle announces partnership with Polymarket
"Rarely has the market gone into the Fed meeting with maximum uncertainty (halfway between 25bps and 50bps)," Marc Chandler, chief market strategist at Bannockburn Global Forex
Recent soft economic and inflation data combined with rate cuts this week in Europe and Canada have investors rethinking expectations about Fed policy.
A brisk slowdown in GDP fails to offer any direction for crypto markets, with Bitcoin slowly clawing back lost ground below $30,000.
The latest price moves in bitcoin (BTC) and crypto markets in context for March 22, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.