Ethereum, Bitcoin, Dogecoin Surge, Leading to Questions of Whether Bottom Is In
— Today, Investors, Bitcoin, Questions, Crypto, Ethereum, Concerns, Leading, Cryptocurrencies, Past — 1 min read
Bitcoin and Dogecoin have appreciated 8.7% and 2.8% over the past 24 hours. These top-tier cryptocurrencies are primarily driven by macro forces, once again. Federal Reserve Governor Christopher Waller came out in favor of a 75-basis-point (0.75%) interest rate hike this coming meeting. Crypto investors are grappling with the reality that macro forces that bolstered stocks and cryptos alike (accommodative monetary policy) is now seeing a stark shift to a very hawkish policy. Less easy money flowing into high-risk assets means lower valuations, whether investors like it or not. The question of whether we've hit the bottom or a bottom will likely only be determined in hindsight in hindsight. Source