Crypto Markets rose higher on Monday with Bitcoin (BTC) that is quoted above the $ 84,000 since another positive day for US actions extended its risk -lifting risk assets. The largest cryptocurrency increased, the broader cryptographic market increased 1.8%, while the large -year market index slightly exceeded a 2.4% advance during the same period. Ethereum’s Ether (ETH) stabilized above $ 1,900 and was 2.8% higher, while several Altcoin specializations, including sui, AAVE, ICP and almost reserved, more than 5%.
Solana also exceeded 3% higher in the broadest market, since the first day of sun futures is quoted in the CME market focused on the institutional CME could not make a difference in the feeling of investors.
The Ethena governance token (ENA) recovered from 7% in the news of developing a patented block chain with titulization of tokenized assets, with the aim of connecting decentralized finances (defi) and traditional institutions.
The US key rates. UU. Extending their rebound this week gave a favorable backdrop for risk assets. However, the LMAX group strategist, Joel Kruger, warned that the monthly S&P500 graph suggests a sustained correction for US actions, which could weigh on cryptocurrencies.
“When we consider the state of global commercial tension and concerns about a deceleration in the economy of the United States, all at a time when it is increasingly uncertain how much more accommodation the Fed can offer, in fact, there are concerns that stocks can fall even more,” Kuger said.
He pointed out that there is a potential for a lower minimum for BTC to visit the March 2024 at $ 73,000- $ 74,000.
The almost universal market expects the FED to maintain unchanged fees during the meeting of the Federal Open Market Committee this week, but investors must monitor any potential change in the skorse of the Balance of the Central Bank or the Quantitative Adjustment Program (QT), said David Davong, Chief of Research of Coinbase Institution.
“We believe that the Fed could stop or finish its QT program this week, since bank reserve levels are about 10-11% of GDP levels that are commonly considered enough to maintain financial stability,” he wrote in a Monday report.
He said that the recent sale of cryptocurrencies was largely due to macro concerns and the deterioration of liquidity conditions, which could increase for better during the next quarter, providing tail wind for assets prices. “Cryptography prices could find their butt in the coming weeks before recovering new maximums at the end of this year,” he concluded.
