Closing post
Time to wrap up – here are today’s main stories so far:
Bitcoin has crept up towards the $23,000 mark today, up around 0.15% this session.
So far this year, the most poplar crypto currency has gained almost 40%, but had slipped back in the last few days as traders grew more uncertain about monetary policy.
Wael Makarem, Senior Market Strategist – MENA at Exness, explains:
Bitcoin was able to recover strongly since the beginning of the year as sentiment among investors improved globally, inflation retreated and fears of an economic slowdown subdued. However, the crypto market remains well below its historical highs and could strongly benefit from a looser monetary policy.
Over the longer term, interest rates could stabilize this year and could start declining towards the end of the year if the Federal Reserve’s inflation targets are met in the meantime. As a result, while a tighter monetary policy could negatively affect digital assets over the short term, it could pave the way for a more significant recovery within the year.
