Crypto Pic July 28 22 Crypto prices on the rise despite US recession news

Crypto prices on the rise despite US recession news

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– Altcoin prices spiked Thursday despite news of a US recession.
– Several coins posted double-digit gains and others were also well in the as cryptocurrency prices increased across the board for the second straight day.
– The increases occurred even though the US Commerce Department released data showing that American GDP declined for the second straight quarterd, signalling a technical recession.
– The crypto market trended upward Wednesday after the US Federal Reserve followed through on an anticipated 75-basis-point interest-rate hike.
– Fed officials were clear that a full percentage point hike was not a viable option even as the latest consumer price index (CPI) figure, an inflation metric, was hotter than expected earlier this month, said Mikkel Morch, executive-director for digital asset Investment Fund ARK36.
– Since the next hike doesn’t come until September, there may be some room for upside now although that will be contingent on the strength of the dollar and the wider macro environment, said Mork.
– He expects the Feds next Federal Open Market Committee (FOMC) meeting in September, when another interest-rate hike will be considered, to be much more consequential.
– At this point, all markets including crypto are adrift, said Chris Terry, vice-president of enterprise solutions for US-based open lending platform operator SmartFi.

 

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