Economic Wobbles Hit Bitcoin Hard
Crypto markets are fighting a tough macro environment.
Macro Mania. Crypto assets are getting volatile as macro is once again dominating the narrative. Is the bottom in, or is the downside just getting started?
Bitcoin fell below the key $60k level that had supported price for the past two months this morning, making its way all the way down to $56.6k prior to the Federal Open Market Commission’s (FOMC’s) interest rate decision announcement.
Despite acknowledging that BTC may have further downside to come in the near future, some traders have gotten bullish on the possibility that much of the selling has subsided, believing that alts front-ran the dump and that their relative strength today will mark a bottom against BTC.
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Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
