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Market

Scenarios For Crypto Market Before FOMC Meeting

July 26, 2022 - Around 3 mins mins to read
With only one day left until the FOMC meeting, this news will impact not only the US stock market but also the crypto market.
Scenarios For Crypto Market Before FOMC Meeting

Chris Burniske, the former top analyst at ARK Invest and renowned crypto enthusiast, shared his opinion on the current state of the crypto market.

Analyzing the weekly charts of Bitcoin and ETH, Burniske concluded that the market is still not in a favorable position despite having recovered in recent weeks from a protracted capitulation.

According to the analyst, Bitcoin only touched the 200-week moving average and failed to break through, leaving the crypto market at a crossroads: a sharp rally or a temporary failure.

Scenarios For Crypto Market Before FOMC Meeting
Analyst Chris Burniske

Summing up his current view on the market, Burniske said that it is clear that the price has faked a breakout and that we should wait for a more attractive bounce. He concluded that it happens to everyone, whether you’re a bear or a bull.

In addition to the corporate news season in the US, this week is also a period of suspense for markets awaiting the US Federal Open Market Committee (FOMC) meeting on the decision to raise interest rates. and signals for the current economic situation.

Scenarios For Crypto Market Before FOMC Meeting

Then on Thursday, we’ll get data on the US labor market, unemployment rate, and GDP. Friday will end the week with a report on consumer sentiment. It is unclear if we will ever see a crypto market independent of traditional finance, but as long as the correlation remains as strong as it is now, we must pay close attention to these.

According to Alan Lane, executive officer of crypto-focused bank Silvergate, the bear market is not over as more and more exchanges, and crypto funds could be affected for several quarters.

Scenarios For Crypto Market Before FOMC Meeting
Silvergate CEO Alan Lane

The CEO also suggested that investors should not compare the current crypto price drop with previous drops, as digital assets are under macroeconomic pressure, such as rising interest rates.

Lane revealed the bank will continue to increase its Bitcoin lending activity, adding that it is “some of the best loans we have ever made.” Silvergate offered Michael Saylor’s MicroStrategy $205 million in May to buy more Bitcoin.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.