Bitcoin retreated to under $23,000, having printed a six-week high of $24,265 on Wednesday. Despite the pullback, prices were up 14% for the month, according to CoinDesk data.
The ECB rate decision due on Thursday at 12:15 GMT will be followed by the central bank's President Christine Lagarde's press conference at 12:45 GMT. The consensus is for the bank to raise the benchmark interest rates by 25 basis points to -0.25% from the current record low of -0.5%. The ECB, Bank of Japan , and Swiss National Bank have held rates below zero for years.
"I think that the underlying case for crypto assets becomes more apparent in times of significant economic and currency turmoil - an alternative system beholden to sentiment but not to any economic fundamentals, unlike equities or bonds," Noelle Acheson, head of market insights at Genesis Global, said."And investors have to do something, staying in cash in times of rising rates and volatile currencies is not a resilient strategy," Acheson added.
According to FXStreet, interest rate traders are pricing a 40% probability of a half-point rate hike on Thursday while factoring 97 basis points of tightening by September.Perhaps, battered risk assets may show resilience to rate hikes if the central bank announces an anti-fragmentation tool to ensure the impact of an increase in borrowing costs is felt the same way across the common currency area.
godbole17 I'm watching $21.9k-$30k as the next resistance for Bitcoin If we can break that range with confirmation then the 2nd half of the bull market is starting! urbanbitwoman is a super Bitcoin Trader I’ve been following his tweets and tips
godbole17 I got my eyes on $bit this quarter, the latest bitDAO L1 is surely bringing major traction to the DAO, kinda reminds me of how BNB started but this time its community-driven and very far from centralised.
godbole17 Godbole delivers