By Ben LittleAnalyst A publicly listed digital asset broker GlobalBlock
The crypto market started on the front foot in the second half of this week on the back of the latest US interest rate decision.
Although it started the week in the build-up to the decision, a sea of green has been showing up in digital assets ever since.
BTC is back above the $23.840k mark. ETH has jumped as much as 13% since the announcement at $1.729k, a level it has struggled to break since early June. Defy tokens also reacted strongly, with Aave rising above the $92 mark (almost a 40% increase in June) and Uniswap up 21%.
This optimism reflects the view among investors that a tougher action plan is expected from the Federal Reserve, especially given the political pressures governments are building to tackle inflation (not to mention the two). ).
So will crypto assets be able to sustain this momentum?
Eyes will turn to any economic data that might conflict with the Fed’s targets. The FOMC must not only be willing to seriously damage growth prospects in the states, but must also come to terms with the realities of a looming recession and a labor market under severe pressure.
The latest US GDP release and initial jobless claims data will be closely watched this afternoon. It will be interesting to see how Russia’s latest power play, forcing up gas prices in Europe, affects German inflation.
UK crypto news: Law Commission pushes for crypto for a specific asset class
Investor advisors up and down the country have long campaigned for this push. The constant struggle to fit new digital products into traditional categories has proven ineffective at best.
The proposal to create a separate account in the Personal Property Act will definitely make their lives easier and make the digital control process more effective. It will be interesting to see what the wider industry has to say about these proposals and, more importantly, how the government responds.