Crypto market crash
‘FED sledgehammer’ will further batter BTC, ETH prices — Bloomberg analyst
The United States Federal Reserve’s inflation “sledgehammer” is about to batter the prices of Bitcoin (BTC) and Ether (ETH) down even further, before reaching back to new all-time highs in 2025, according to Bloomberg analyst Mike McGlone. Ahead of the latest Fed interest rate hike to be announced this week, the market is expecting a minimum of a 75-basis-point increase, however some fear it could be as high as 100 basis points, which would represent the biggest rate hike in 40 years. Speaking with financial news outlet Kitco News on Saturday, McGlone, senior commodity strategist of Bloomberg Intelligence, suggested that further market carnage is on the cards for BTC, ETH and the broader crypto sector as Fed’s actions will continue to dampen investor sentiment: “We have to turn over to the...
Almost $100M exits US crypto funds in anticipation of hawkish monetary policy
Institutional investors offloaded $101.5 million worth of digital asset products last week in ‘anticipation of hawkish monetary policy’ from the U.S. Federal Reserve according to CoinShares. U.S. inflation rates hit 8.6% year-on-year at the end of May, marking a return to levels not seen since 1981. As a result, the market is expecting the Fed to take considerable action to reel in inflation, with some traders pricing in three more 0.5% rate hikes by October. According to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, the outflows between June 6 and June 10 were primarily led by investors from the Americas at $98 million, while Europe accounted for just $2 million. Products offering exposure to crypto’s top two assets, Bitcoin (BTC) and Ethereum (ETH), accounted ...
