The US Fed Increases Interest Rate Helping Drive the Bear Market
The United States Federal Reserve is working on increasing interest rates which is expected to be detrimental for pushing along the crypto bear market, making it for some investors a genuinely bitter pill to swallow.
According to acclaimed market analyst Michael van de Poppe, "crypto is heavily skewed towards the outcome of the FOMC meeting on Wednesday, while indices are acting relatively calm. What's the best case? 1) DCA and have a longer perspective. 2) Wait until FOMC is out. 3) Avoid leverage trading."
For example, on September 19, Bitcoin sank to $18 500 USD, thanks to many global markets tightening their purse strings as we head into another recession. As speculation continues to be relatively high for many in the crypto sector, the Fed's interest rate hike will likely kill any market growth.
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