Bitcoin Bottom, Ahoy? Charting with Griff, Episode #2 (24/06/2022)
QR Watchable | Qluster's favourite technical practitioner returns with the latest chart insights. Get the breaking analysis update in this episode of Charting with Griff 👇
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[38:35] Charting with Griff, Edition #2
Note that this episode of Charting with Griff is a continuation of research featured in Technical Outlook, Edition #218.
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Crypto, Winter is Coming.
With institutional-grade capital under siege, a US Federal Reserve intent on fighting historic rates of domestic inflation continues to douse gasoline on the proverbial flame for embattled cryptocurrency participants.
Fed Chairman Jerome Powell has recently indicated the possibility of a gargantuan 75 basis point hike in interest rates to come out of the next Federal Open Market Committee (FOMC) meeting in July 2022.
Now that central bank policymakers have firmly discarded any conciliatory views of rising inflation, this talk of ratcheting up efforts to aggressively tighten money supply and the availability of credit points to a tough road ahead for some ‘Crypto Whales’.
From the collapse of $LUNA to sharp declines in digital asset values, the growing intensity of rate rises from an increasingly hawkish Federal Reserve will likely add to the woes of market makers, investment managers and other sophisticated participants at risk of liquidation.
Higher borrowing rates raise the costs of servicing outstanding debts, which also impacts the maintenance costs of leveraged positions—e.g. swap fees, interest charges, etc.
Hungry for more learning? Check out this technical deep-dive into one of the most exciting innovations to hit the scene and find out why Rollups are the future of scaling blockchains 👇
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