Bitcoin Fell Despite The Calm On Wall StreetAdmin
Bitcoin (BTC) continued to fall after the Chicago Options Exchange Volatility Index (VIX), or the Wall Street Fear Indicator, showed a lack of concern among investors ahead of an expected rate hike by the US Federal Reserve (Fed), which is scheduled for July 27, 2022
The top cryptocurrency is trading at $22,013, down 3.11% from yesterday. Previously, the cost jumped by 8.5% in 7 days to July 23, 2022. This was the biggest weekly gain since March this year, along with the success of the stock markets amid speculative news that the Fed may change its strict inflation policy.
Traders expect the US Central Bank to raise interest rates by 75 basis points this week, with a 100 basis point scenario likely. Analysts have assumed that the renewed weakness of Bitcoin (BTC) could signal that the Fed has planned to pursue an aggressive tightening path. Many experts consider the flagship cryptocurrency a leading indicator for the stock markets.
Bidders suggested that the Fed’s policy could once again negatively affect the rate of digital gold and ultimately change the price trend. They continue to hope inflation has peaked and the economy may soon plunge into recession.
Some traders are set up and completely positive. They expressed confidence that the BTC rate will only grow as the digital economy becomes stronger, just because of the instability of traditional currencies.