The crypto market traded lower over the weekend, with US inflation data, possible moves by the US Federal Reserve (Fed), and bearish-looking technology stocks all weighing on investorsâ sentiment and causing worry about the way forward.
âThe Fed is caught between a rock and a hard place when it comes to tackling runaway inflation without sinking the economy,â Antoni Trenchev, managing partner at the crypto lending and borrowing firm Nexo (NEXO) told Bloomberg.
For bitcoinâs part, the moves over the past week have largely followed those of the stock market and more specifically the technology-heavy Nasdaq 100 index.
According to Steven Cress, the Head of Quantitative Strategy at Seeking Alpha, many tech stocks are âsignificantly overvalued and vulnerable to government attack.â Apple, the most valuable of all tech companies listed in the US, is âextremely overvalued,â the strategist said, giving it a valuation grade of âFâ.
Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX also shared his 'bearish' short-term predictions.
âBy the end of the second quarter in June of this year, I believe Bitcoin and Ether will have tested these levels:
- Bitcoin: [USD] 30,000 - Ether: [USD] 2,500,â he wrote in his blog.
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