Messari Messari Liquid staking protocol Lido's staked ether stETH token has recently caught up with ether's spot price, erasing the discount in another sign that gloomy summer days are behind us. Besides, the latest crypto market bounce comes on the back of material evidence that the Federal Reserve may be close to slowing the pace of liquidity tightening as opposed to early August when equity and crypto markets ran ahead of themselves in pricing the so-called Fed pivot.
Last week, San Francisco Fed President Mary Daly said the central bank should avoid pushing the economy into an "unforced downturn by raising rates too sharply. Daly added that it's time to start discussing slowing the pace of tightening.
Wall Street Journal reporter Nick Timiraos published an article last Friday hinting the Fed could slow the pace of rate hikes to 50 basis points in December. The bond market seems to be in agreement with the crypto market. The U. Treasury yields, which remained elevated in August, contradicting the Fed pivot hopes in crypto and equity markets, have dropped sharply this week, confirming the bounce in risk assets.
However, tides are potentially slowly starting to turn, with the Fed hinting at a potential slowing of rate hikes, not an outright pivot," Josh Olszweicz, head of research at digital asset fund manager Valkyrie Investments told CoinDesk, noting the weakness in yields and the dollar index. The Year U. GlobalBlock analyst Marcus Sotiriou says uncertainty and volatility in fiat currencies may end up helping the crypto market in the long term.
Treasury currently, as the market has demonstrated with volatile currency moves. Unfortunately for crypto investors, the recent U. Institutional Crypto Sentiment While retail crypto investors continue to struggle, institutional investors are expanding their presence in the crypto and blockchain space.
According to Mechigian, there is no institutional crypto bear market. Shah says the merge may make Ethereum more appealing to institutional investors as well.
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Why is Bitcoin going up? Despite the increase in Bitcoin prices, it however remains In recent weeks the cryptocurrency market has seen a rebound possibly indicating an end to the infamous crypto winter. The price of bitcoin has been stable for the past week, which has helped it make up for its losses this month. One reason why Bitcoin and other cryptocurrency prices are going up is that they are being tracked closely with the stock market this year. In recent weeks markets have largely been in a downturn, but have rallied across the US, Europe, and Asia recently, helping crypto follow along that trajectory.
Analysts attribute the slowing of U. The Consumer Price Index was unchanged in July on a seasonally adjusted basis after rising 1. One reason why Bitcoin and other cryptocurrency prices are going up is that they are being tracked closely with the stock market this year. In recent weeks markets have largely been in a downturn, but have rallied across the US, Europe, and Asia recently, helping crypto follow along that trajectory.
Analysts attribute the slowing of U. The Consumer Price Index was unchanged in July on a seasonally adjusted basis after rising 1. Bureau of Labor Statistics. The US consumer price index rose by 8. The deal will allow Bitcoin to garner further utility among other major investments including pension funds, mutual funds, foundations, and endowments.
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