On March 7, United States Federal Reserve Chairman Jerome Powell warned that interest rates may remain higher for longer than previously anticipated. This boosted expectations of a 50 basis points rate hike in the Fed’s March meeting to about 70% from 30% a week earlier, FedWatch Tool data suggests.
The U.S. dollar shot up and the S&P 500 plunged after Powell’s comments on March 7 but a minor positive in favor of the cryptocurrency investors is that Bitcoin (BTC) stayed relatively calm. The next trigger that could influence the markets is the February Jobs report to be released on March 10.
Daily cryptocurrency market performance. Source: Coin360
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Although the macroeconomic environment is not favorable for risky assets, Bitcoin has shown relative resilience. This suggests that Bitcoin investors are
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