Bitcoin fell below $28,000 during U.S. trading hours on Tuesday but then steadied as investors monitored progress on a debt ceiling deal. _jocelynyang_ reports
“Typically, when governments issue debt that takes their debt to GDP at uncomfortable levels, that should be good news for crypto, but too many crypto companies might deal with difficult financing options over the next year,” Edward Moya, senior market analyst at foreign exchange Oanda,Meanwhile, traders have also revised their expectations for a more dovish, monetary turn by the U.S. Federal Reserve.
“So far, bitcoin has moved in lockstep with liquidity,” Dessislava Ianeva, research analyst at crypto data firm Kaiko, told CoinDesk. Ianeva noted that quantitative tightening , which usually happens when the central bank looks to reduce its balance sheet,"was partially offset by the Treasury spending its cash at the Fed and Bank Term Funding Program, but that push is now exhausted.”
Further rate hikes combined with QT “would definitely dampen prospects for a significant market-wide rally,” Ianeva said. “That said, other different narratives have increasingly been driving BTC markets this year such as store-of-value, NFTs, as well as technical factors such as supply/demand… and liquidity.”Among other digital assets, ether (
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