Are Cryptos Dead? High Probability of Fed Cuts June 15th. Davos Forum Not Going Too Well. ✔

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Market Update - Crypto Market Crash Strategies

Bitcoin and Ethereum are still trading sideways. The Federal Reserve released their opinions on the economy. And lastly, we have negative reactions from Davos with respect to crypto currencies. Welcome to NFT Daily News. Let’s get into it.

Fed meetings or what I like to refer to as cliff notes came out earlier today. The key takeaway from the Federal Reserve remarked by saying “policy may have to move past neutral and into “restrictive” territory. This language brought cryptocurrencies down a bit however the equity market of the S&P and DOW were up by a few points.

Is this market finally absorbing the bad news or are investors covering their positions? Only time will tell, but in the immediate future, I remain bearish on the overall crypto and equity markets. And in a few weeks from now around June 15th the Federal Reserve will decide whether to raise interest rates.

The probability of that happening on my end is 100% given how the DOW and S&P have been holding their footing lately. And with consumer goods including gas reaching new highs, a rate hike will be justified in their eyes.

And as I promised in my last video, I mentioned that we will discuss what is going on at Davos and it is not looking good. Several negative statements were reported from officials. For example Kristalina Georgieva compared some cryptocurrencies to “pyramid schemes.”

And then you have Christine Lagarde saying “cryptocurrencies are not currencies at all and that
they are worth nothing”. Then you have the governor of the Bank of France, Francois Villeroy De Galhay stating that “they are not reliable and citizens have lost trust in them”. But looking at the bright side, all these remarks are a far cry from 2017 when most of these same people and their inner circles were calling cryptocurrencies a scam.

So in general, these statements are a lot less harsh this time around. And my personal opinion here is to not give these guys too much credit. You simply need to see where the money is flowing and that is cryptocurrencies slowly becoming a respected asset class.

And that is all I have for the crypto minute. If you want to find technicals and fundamental data on crypto projects, you can sign up to my Token Metrics Affiliate link or go over to Trading Lab. Also liking, subscribing, and sharing this content goes a long way. Have a great day.

#NFTDaily