Monday, December 5 2022

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Bitcoin (BTC-USD) is heading for its best month since 2021 as risk appetite increasingly comes back to life in financial markets.

The world’s largest digital token by market capitalization (BTC-USD) seems build momentum towards $25,000, climb 4.4% at $24.16,000 around 11:00 a.m. ET. Crypto is in place 7.7% over the last five sessions and +18.8% M/M, although still off 65% since its November high of $68.9,000.

Similarly, the three major US equity indices continue to advance just days after the Federal Reserve hiked rates by 75 basis points. Going forward, however, interest rate hikes could be slower as the central bank reaches more restrictive territory and economic growth slows, hence the protracted rally in risky assets.

“Looking ahead, while this week has for the first time in over a month seen some markets recoup the losses of previous weeks, there is arguably still a considerable mountain to climb in terms of ‘normalcy’ or hopes of a return. to the highs of 2021 anytime soon,” Adrian Kenny, a senior sell trader at digital asset broker GLobalBlock, wrote in a note.

While some investors expect the Fed to turn to rate cuts as early as 2023, others suggest that monetary tightening will only continue until inflation falls significantly. Keep in mind that the central bank has emphasized controlling inflation as its number one priority.

“Inflationary pressures suggest further tightening to come via higher interest rates from here,” Rick Rieder, chief investment officer at BlackRock, said Thursday. “Still, it certainly appears that slowing the pace of policy tightening would be possible given what we heard today, and we will likely hear from other Fed officials over the next few weeks to the same end.

Coming back to the cryptoverse, the global crypto market capitalization is jumping 5.2% at $1.11T, which still has some way to go from its all-time high of $3T in November, according to data from CoinMarketCap.

For crypto-focused stocks, Marathon Digital (MARA) +5.2%Bitfarms (BITF) +4.4%Basic Scientist (CORZ) +5.1%Riot Blockchain (RIOT) +3.1% and BIT Mining (BTCM) +3% are among the biggest intraday gainers.

Earlier this week, bitcoin extended its rally as the market price slowed rate hikes after consecutive negative GDP prints.


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