But that is for institutional capital. The Monetary Authority of Singapore has also been clear that it doesn’t approve of retail investors getting deeply involved in crypto; BTC treads water over the weekend. TheSamReynolds and JPRubin23 report
Bitcoin investors continued their recent dour mood this weekend amid ongoing macroeconomic uncertainty and a widely-expected, half-point interest rate hike by the U.S. central bank this week.
Ether, the second largest crypto by market cap, followed a similar weekend pattern and was trading at roughly $2,840, up about 3.9% over the previous day but little changed from late Friday. Most other major cryptos were recently rising. Terra's luna token and SOL climbed over 5% and 7%, respectively at one point. Popular meme coin DOGE jumped nearly 6%. Trading was light as is often the case on weekends.
DiPasquale noted that the Federal Reserve Federal Open Market Committee's likely decision to try to tame inflation through a more hawkish rate increase"could result in price volatility." The Fed is also expected to explain how it will reduce its asset portfolio of mortgage and Treasury securities, which has ballooned to $9 trillion during the pandemic.Crypto declines in recent days have largely dovetailed with major stock indices as investors veer away from riskier assets.
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