Crypto Markets Analysis: Bitcoin slides as FOMC member sees no reason to pause interest rate hikes. GWilliamsJr_CMT reports
The price of bitcoin retreated on Wednesday after a Federal Reserve official reiterated her concerns about jobs data and inflation.
Despite some encouraging signs in recent months, said Mester, the Fed had more work to do to stem inflation. Meanwhile, an unexpectedly strong Job Openings and Labor Turnover report showed openings increasing to 10.1 million in April, more than an anticipated 9.375 million, and bolstering Mester’s argument that labor markets remain stubbornly tight.Mikkel Morch, of Digital Asset Fund Ark36 believes that the fundamental drivers of bitcoin, including adoption and institutional interest, point to higher prices despite current macroeconomic concerns.
Michael Silberg of crypto hedge fund Alt Tab Capital, echoed those sentiments, indicating that institutional investors often embrace volatility in crypto markets. “This is a highly volatile market," he said,"which is one of the traits that attracts institutional investors in the first place.”
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