Bitcoin rose above $20K during the European hours, as dollar continued to lose ground. Some banks, however, warned that the greenback could soon resume its uptrend. Reports godbole17
Bitcoin continues to build bullish momentum, hoping that financial stability risks and signs of economic slowdown will force the Federal Reserve to pivot away from aggressive liquidity withdrawal measures. However, some observers are unconvinced the Fed will abandon or dramatically slow the so-called liquidity tightening anytime soon and expect renewed dollar strength.
"It’s been a case of ‘bad news is good news’ for equities, with the market treating the downside surprise to the ISM index as increasing the chances of an earlier Fed pause, seen as positive for risk assets," the Bank of New Zealand's research team wrote in clients early Tuesday. Bitcoin tends to move more or less in line with equities and has halved this year in terms of market value, with the Fed raising rates by 300 basis points.
The Fed fund futures show traders are again pricing rate cuts from May 2023. And while the market still sees a high chance of yet another 75 basis point rate hike next month, the pricing for the terminal rate has come down to 4.4% from 4.75%."Markets are smelling blood in the water, but do they have enough evidence to price a policy turnaround? Not yet in our view," ING's analysts wrote in a note to clients."The BoE’s reluctance to buy gilts [U.K.
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