Bitcoin is holding above $29,000 after cooler-than-expected inflation data “stimulated emerging assets, including crypto,” an analyst claims.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Bitcoin remained above $29,000 despite the U.S. Federal Reserve's recent rate hike — stimulated by better-than-expected inflation data — an analyst claimed.
Chief economist at BTCM Youwei Yang said this makes a September interest rate hike much less probable and that overall rate hikes may become less aggressive.
However, he argued the impact of Fed rate decisions on the crypto market has decayed incrementally."The market is now looking for new exciting or worrying indicators to move, and I suspect earnings, regulations, or banking credit liquidity might be the next movers," he added.following the FOMC meeting that further rate hikes could come in September if warranted."I would also say it's possible that we would choose to hold steady at that meeting.
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