Crypto markets aren't reacting the same way they once did to macroeconomic events. Consider the two most recent U.S. central bank interest rate hikes in May and March. They resulted in relatively mild price moves of 1.13% and -2.87%. The reaction to recent inflation and GDP data was similarly tame, with BTC moving just -0.74% and 1.16% respectively. All told, crypto markets have likely priced in Wednesday’s anticipated move.
As an asset’s price is expected to stay within two standard deviations of its average, 95% of the time, a breach of the external bands is statistically significant. Traders may be eyeing an upside target of $30,000 level, above the current support of $29,000.In the summer of 2020, decentralized finance projects flourished, reaching a high of $248.84 billion in total value locked by the following fall. The sector lost its allure amid the crypto winter.
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