First Mover Americas: Hawkish Fed Trade May Not Be Over Yet

First Mover Americas: Hawkish Fed Trade May Not Be Over Yet


Since December, it’s been the dominant narrative, yet the Fed has surprised markets each time, killing recovery rallies. That’s evident from lower highs on bitcoin’s daily chart. The cryptocurrency picked up bullish momentum after the Fed kicked off the tightening cycle with a 25 basis point rate hike on March 16 and rose from $38,850 to $48,000 in the following two weeks, partly aided by the Luna Foundation Guard’s (LFG) aggressive purchases. The gains, however, were erased in April, with Fed chair Jerome Powell putting a 50 basis point hike on the table.

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