Hubbis and Independent Reserve bring you this week's Crypto News and Market Trends - Positive Trends Amid Global Financial Developments
This week saw a positive trend across all major types of cryptocurrencies, including majors, stables, and altcoins, indicating a turn in risk sentiment.
Unlike in the past, these price movements are currently showing limited correlation with traditional asset markets, including fixed-income yields, US tech equities, and commodities.
The upcoming US Federal Open Market Committee (FOMC) meeting this Thursday is highly anticipated, as it could influence investor confidence in alternative assets like cryptocurrencies. The market is keen to know if the maximum interest rates have been reached.
China continues to implement stimulus measures, including lowering prime lending rates and reducing property acquisition costs to stabilize its domestic property market. This has bolstered global asset market confidence and is generally viewed as positive for risk assets. Upcoming data on China's 1-year and 5-year prime loan rates will be closely watched, especially its impact on the foreign exchange markets like AUD/USD.
On the OTC desk, the positive sentiment in cryptocurrencies has led to broad-based buying, particularly in altcoins and tokens related to stablecoin projects. Trading volumes in stablecoins like USDT and USDC have been consistently increasing, with the trading flow this week more balanced than before, signifying increased interest in risk assets and altcoins.
Read this week’s full market update here.