Puts tied to BTC and ETH continue to draw demand as concern over FTX contagion overshadows the Fed's dovish tone. reports godbole17
, formerly the world's third-biggest crypto trading platform, and is unlikely to find a bottom solely on the back of improving macro conditions.major crypto lender GenesisThe crypto market, roiled by the Fed's aggressive liquidity tightening, has long been waiting for the central bank to signal a shift away from rapid-fire interest rate hikes. The market got what it wanted yesterday.
The minutes also hinted at a lack of support for Chairman Jerome Powell's post-meeting “higher rates for longer" statement, sending the U.S. dollar and Treasury yields lower and stocks higher. Puts remain in demand after dovish Fed minutes, indicating the market is squarely focused on the fallout from the FTX exchange.
Bitcoin traded near $16,580 at press time, having failed to establish a foothold above the $17,000 mark early today.some chart analysts, the largest cryptocurrency by market value is headed toward $13,000.
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