Bad news from the markets for those hoping for a return of the bull-run over the next few weeks...
Yesterday's words from Fed chairman Jerome Powell made it clear rather clearly that the US central bank's tight monetary policy will continue for many months, at least until the Fed reaches its target of a stable inflation at 2%.
We are therefore far from the prospect of an expansionary monetary policy, such as the one launched in March 2020 to combat the problems caused by the pandemic and lockdown, and which lasted just under two years. Bitcoin, like all high-risk assets, thrives during periods of expansive monetary policy, and in fact between 2020 and 2021 there was the splendid bull-run that brought all the best crypto projects to All Time High.
But as we have seen over the past few months, the crypto ecosystem suffers during periods of restrictive monetary policy.
According to Goldman Sachs, it is likely that a 75-point hike will be decided at the next Fed meeting and that rates are set to rise above 4%, from the current 2.25-2.50% and remain at these levels throughout. 2023.
Well if the macroeconomic conditions remain these also during 2023 (and it is very probable), that is with a prolongation of restrictive monetary policies, inflation that does not return to the 2% target and the prolongation of the war between Russia and Ukraine -> we will have very little chance of seeing a return of the bull-run as early as 2023. Obviously if the macroeconomic conditions I have listed were to change, then we would have a new chance of seeing the crypto markets return to growth.
What do you think of it? When do you think bull-run will return?
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