From Dump, to Pump (a crypto story)

TL;DR

• After the Fed kept interest rates steady, the crypto market went on a spending spree, pushing BTC from $56.5k to $59k, ETH $2.8k to $3k, and SOL $118 to $136.

Full Story

“Here’s to hoping that as you read this, the price is sky rocketing as market players take the opportunity to buy up BTC at a discount.”

That’s how we finished this section in yesterday’s edition.

Famous last words. Around the time we published, Bitcoin hadn’t skyrocketed, but instead dipped to $56.5k (down from $60k).

Good news is:

That gap was mostly covered a few hours later, when Federal Reserve chair Jerome Powell hit replay on the same speech he’s been giving for months now:

“We’re holding interest rates at their current levels, as inflation is still hotter-than-expected. We might cut rates later this year, idk tho.”

— J Powell (not a direct quote, but the basic gist of what was said)

…and weirdly enough, the market loved it!

(Mostly cause there was an underlying fear that the Fed was going to raise rates).

Once those fears were abated, the crypto market went on a spending spree — pushing Bitcoin back up to $59k, Ethereum up to $3k (from a local low of $2.8k), and Solana up to $136 (from a local low of $118).

Bad news is:

We’re not out of the woods yet.

These price movements were short term reactions to scheduled news events — the market’s overall fear & greed index is still hovering around ‘neutral,’ and threatening further moves down into ‘fear’ territory.

In which case, we might all have to hurry up and wait.