“What we’re seeing is that bitcoin has been extremely rangebound these last few weeks with the onset of the Ukrainian conflict. It’s been like watching a Ping-Pong ball match,” said Ben McMillan, founder at IDX Digital Assets.
Bitcoin inched up on Wednesday, after the Federal Reserve raised its policy rate by a quarter percentage point, the first rate hike since 2018, and signaled more to come.
“The initial derisking has already happened, which is reflected in the lower level of liquidations overall,” Michael Safai, managing partner at crypto prop trading firm Dexterity Capital, wrote to MarketWatch in an email. “What we’re seeing is that bitcoin has been extremely rangebound these last few weeks with the onset of the Ukrainian conflict. It’s been like watching a Ping-Pong ball match, just kind of back and forth between support and resistance,” McMillan told MarketWatch in a phone interview.
The market has been pricing seven quarter-percentage-point interest hikes this year and it is “on the very hawkish side of things,” Tony Nyman, Informa Global Markets’s FX Fundamentals manager told MarketWatch in an interview. The Fed “can’t really go much more than that, unless they start doing the more aggressive 50 basis points moves, which historically, they don’t tend to do that much,” Nyman said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow jumps 600 points, oil slides to $96 off 27% from peakInvestors eye falling commodities ahead of the Fed's decision on interest rates.
Read more »
As Fed hikes benchmark interest rate 25 basis points, here’s what that means for your credit-card bill, savings, car loans and mortgage repaymentsA quarter-percentage-point increase will not make a big difference to a credit card’s annual percentage rate or savings account’s annual percentage yield, experts say. But stack several rate increases together and consumers will start to feel the pinch.
Read more »
BREAKING: Bitcoin Unfazed as Fed Hikes Interest Rates for the First Time Since 2018⬇ -9 BREAKING: Bitcoin Unfazed as Fed Hikes Interest Rates for the First Time Since 2018 $BTC bitcoin
Read more »
BREAKING: Bitcoin Unfazed as Fed Hikes Interest Rates for the First Time Since 2018The Federal Reserve has raised interested rates for the first time in years
Read more »
US Dollar Index Forecast, News and Analysis - FXStreetCheck our updated News for US Dollar Index including real time updates, technical analysis forecast and the economic latest events from the best source of Forex trusted News.
Read more »
Oakland A’s ship All-Star Matt Chapman to Toronto as sell-off continuesMatt Chapman, the third Oakland A’s All-Star traded this week, follows Josh Donaldson’s path to the Blue Jays.
Read more »