Good morning Asia, here's what's making news today: Bitcoin, ether rebound from Powell Inflation Warning. Crypto Funds Hammered in 2022 are still up over three years. thesamreynolds reports
Bitcoin and Ether began the morning in Asia in the green, but are back in the red, if ever so slightly, after Federal Reserve Chairman Jerome Powelland the Fed is “prepared to increase the pace of rate hikes” in the name of maintaining price stability.
“I think there will be an impact on anything that’s valued or traded against the U.S. dollar,” AdvisorShares CEO Noah Hamman said on a recent appearance of CoinDesk TV’s All About Bitcoin. “ The secondary concern is the reduction of the Fed’s balance sheet. This pulls a lot of liquidity out of the market and that’s more challenging for risky assets.”
Ether continues to outperform bitcoin, if ever so slightly. Bitcoin is down around 1% during the last 48 hours, while ether is down 0.25%. While Ethereum, and the mission-critical pieces of infrastructure might be having their moment, Thompson said some of the more “speculative” projects on the “longer tail of the spectrum” are going to struggle.
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