Cryptocurrencies are up 18% according to Powell

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For his part, Federal Reserve Chairman Jerome Powell said another “unusually large” rate hike at the September Fed meeting might be appropriate, but the decision will be driven by economic data. Federal Reserve chairman said Wednesday.

The Fed’s decision to make a third consecutive 75 basis point hike – or something else – will depend on strong evidence that inflation is starting to decline, Powell said. at a press conference following the central bank’s last two-day monetary policy meeting.

What the experts think about the consequences of the Fed’s policy

“Bitcoin and the broader cryptocurrency market could see another rally after the 75bp rate hike. After that, we expect markets to trade sideways, while Ether may outperform in anticipation of the merger,” he said.

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Trader and analyst Alex Kruger predicts that the cryptocurrency market could experience a slight rebound after climbing 75 points. However, he warns that if the upside is greater, there will be a downside.

Similarly, analyst Wendy O said we shouldn’t see a negative impact on the market for a 75bp hike. However, be aware that Bitcoin and other cryptocurrencies could be affected when it gets bigger or when the second quarter GDP report comes out.

Similarly, Joshua Fernando, CEO of eCarbon, said: “75 basis points seems to be the consensus, so if we see something materially higher and that kills the stock market, then I expect the cryptocurrency market will be too.” .

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It also speculates that the cryptocurrency market will not decline if the interest rate hike is lower. He summed up that the most important thing will be the leadership of the Fed. “If the Fed Reports Big Hikes Through 2023, Expect More Market Pain”I reasoned.

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