I am posting this again as I have seen some people wondering why Bitcoin is continueing to rise despite the Fed ( the DXY Support group) saying that they will continue to raise interest rates
On this chart, we can see that 5 of the Rate raises had little Effect on Bitcoin PA and recovery was swift.
One of the reasons for this is that Bitcoin is truly GLOBAL and while the DXY $ is currently a major part of world economies, this is changing. As the $ becomes more expensive to Borrow, people WILL go elsewhere. And Many people See Bitcoin as that avenue.
The Expected remaing 3 raises of 25 points will effect PA but probably not as much as it will effect other Markets...which may well pipe money into Bitcoin and other crypto.
GOLD could be an interesting thing to watch as, well, Gains in Bitcoin far out weight the gains from gold.
There is little doubt thatthe Fed timed its raises perfectly and that they did instigate the fall of FTX and others. It needed to happen
On this chart, we can see that 5 of the Rate raises had little Effect on Bitcoin PA and recovery was swift.
One of the reasons for this is that Bitcoin is truly GLOBAL and while the DXY $ is currently a major part of world economies, this is changing. As the $ becomes more expensive to Borrow, people WILL go elsewhere. And Many people See Bitcoin as that avenue.
The Expected remaing 3 raises of 25 points will effect PA but probably not as much as it will effect other Markets...which may well pipe money into Bitcoin and other crypto.
GOLD could be an interesting thing to watch as, well, Gains in Bitcoin far out weight the gains from gold.
There is little doubt thatthe Fed timed its raises perfectly and that they did instigate the fall of FTX and others. It needed to happen