After a short-lived reprieve from June lows, the crypto market neared crucial support levels on Fed's hawkish chorus.
JPMorgan Strategist Advises Investors to Sell Bitcoin, Crypto After Fed’s Hawkish StanceAfter a short-lived reprieve from June lows, the crypto market neared crucial support levels on Fed’s hawkish chorus.
With the US Federal Reserve firming up its ante against inflation and dismissing discussions about any softening of monetary policy. JPMorgan’s chief global strategist, David Kelly, has made some suggestions for crypto investors concerned about the direction of the market.Friday after Fed Chair Jerome Powell’s speech at Jackson Hole, Wyoming, Kelly said that the best way to be positioned now is to focus on valuations and avoid looking at short-term direction.
“The economy has got one foot into a recession and the other on the banana peel now. Make sure you overweight US and international value, as well as stocks with relatively low price-to-earnings ratio.”Traditional, as well as the crypto market, suffered major declines since the beginning of the year on fears of tighter monetary policies to stamp out inflation which has hit the highest levels in forty years. As a result, the economy is slowly being dragged into recession.
Having said that, the strategist believes that the economy will feel more normal by the end of next year. Kelly also added that the “Federal Reserve is overestimating the strength of the US economy as it feels guilty about the fact that inflation went up under their watch.”Many experts are of the opinion that risky assets will continue to struggle as Powell tackles inflation with a restrictive monetary course.
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