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Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins

Published 09/18/2022, 04:47 PM
Updated 09/19/2022, 06:40 PM
Here is why a 0.75% Fed rate hike could be bullish for Bitcoin and altcoins
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The S&P 500 and the Nasdaq Composite index suffered their worst weekly performance since June as investors remain concerned that the Federal Reserve will have to continue with its aggressive monetary policy to curb inflation and that could lead to a recession in the United States.

Bitcoin (BTC) remains closely correlated to the S&P 500 and is on track to fall more than 9% this week. If this correlation continues, it could bring more pain to the cryptocurrency markets because Goldman Sachs (NYSE:GS) strategist Sharon Bell cautioned that aggressive rate hikes could trigger a .

Crypto market data daily view. Source: Coin360
BTC/USDT daily chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
XRP/USDT 4-hour chart. Source: TradingView
LINK/USDT daily chart. Source: TradingView
LINK/USDT 4-hour chart. Source: TradingView
EOS/USDT 4-hour chart. Source: TradingView
XTZ/USDT daily chart. Source: TradingView
XTZ/USDT 4-hour chart. Source: TradingView

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