There’s been some debate as to the driver of the rally. While the market is in a meme coin mood,and what it means for risk assets like crypto.
"In our view, crypto has been somewhat misunderstood. It is not an inflation hedge, but more of a debasement hedge that protects holders from fiscal/monetary profligacy and policy error,” Jonah Van Bourg, Global Head of Trading at Cumberland, told CoinDesk in a note. “Any risk of US debt default is indeed a form of US Dollar debasement and/or policy error, and the increased demand we're seeing is this use case bearing itself out.
Giles Coghlan, Chief Market Analyst at HYCM, told CoinDesk that the correlation between crypto and tech stocks continues, and that’s the factor to watch going forward. “Tech stocks have rallied on the assumption that U.S. inflation is retreating and that short-term interest rate market predictions of two Federal Reserve rate cuts this year are correct. We can see a similar recovery in the crypto markets,” he told CoinDesk, dismissing any connection between the debt ceiling debate and the crypto rally. “Ultimately, the crypto rally should continue as long as tech stocks stage their recovery.
"Every time that [the] price of DOGE starts rising rapidly, there's a market-wide crash following just moments later," the firm wrote.
thesamreynolds Interesting! Can you tell me more about how FTX works with these funds?
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thesamreynolds 2% dip is news? thesamreynolds must be short
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