Celsius turmoil is part of a broader macro picture, traders say by fintechfrank
Crypto market volatility kicked up Monday following a withdrawal freeze announcement by lending platform Celsius.
Still, the broader macro-economic backdrop is likely what is in the driver's seat of the crypto market — not Celsius. As Bloomberg reported Monday, the market has entered a"sell everything but the dollar period" during which traders are fleeing to safety, spurred by fears that the US Federal Reserve could hike rates more aggressively to combat inflation than originally anticipated.their forecasts to 75 basis points. Other Wall Street analysts have speculated a full 100 basis-point hike. Such an outcome could have negative implications for risk assets like crypto.
It's this environment that traders are navigating, meaning the Celsius situation is part of a bigger picture.
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