Cryptocurrency markets are stuck in a rut, according to popular analyst Benjamin Cowen. He believes that the Fed’s tight monetary policy is holding back the crypto market’s growth.
Fed’s Tight Grip
Cowen, who has a massive following on YouTube, says Bitcoin has been slowly declining since March due to the Fed’s reluctance to loosen its grip on the economy. He expects the Fed to change course by September, which could be a game-changer for crypto.
Market Volatility
The uncertainty surrounding the Fed’s actions has created a lot of volatility in the crypto market. Cowen says the market is constantly shifting based on expectations about when and how the Fed will cut interest rates. This has led to a lot of up-and-down swings in Bitcoin’s price.
Waiting for the Fed
Cowen believes that the crypto market is essentially waiting for the Fed to loosen its policy. He thinks that the market might cool off for the rest of 2024, but could see a surge once the Fed starts easing its grip.
Bitcoin’s Recent Performance
At the time of writing, Bitcoin is trading at $58,776, down 4.19% in the past 24 hours. This illustrates the volatility that Cowen is talking about.
Important Note: This information is for general knowledge only and should not be considered investment advice. Always do your own research before making any investment decisions.
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