Cryptocurrency is showing signs of optimism amid inflation-fighting efforts by the Federal Reserve and other institutions. Despite concerns such as decreased active addresses and daily transactions, the non-zero balance addresses have surged to a new record while stock market gains have continued. On-going issues such as the CFTC's lawsuit against Binance and bribery claims against Sam Bankman-Fried remain as risk factors to the market, however, additional Bitcoin purchases by MicroStrategy, Tether's USDT stablecoin dominance, and the upcoming Ethereum's Shapella upgrade are providing a much-needed silver lining to the market.
In view of the current market conditions, Bitfinex advises traders against over-leveraging or increasing the risk appetite while they transition into the crypto market. Although the crypto market has experienced more than its fair share of volatility and uncertainty, the interventions made to combat inflation have been beneficial, and provide a glimmer of hope for an optimistic future.
Lucas Martin
- 2023-04-04
Crypto Market Optimism: Inflation-Fighting Efforts are Bearing Fruit
Cryptocurrency is showing signs of optimism amid inflation-fighting efforts by the Federal Reserve and other institutions, although on-going issues such as the CFTC's lawsuit against Binance and bribery claims against Sam Bankman-Fried remain.
