Bitcoin demonstrates increasing resistance to monetary policy tightening

The ECB raised the rate for the first time by 0.75% – bitcoin reacted with growth.
In the second half of September 8, the global financial market reacted to the European Central Bank’s decision to raise the benchmark deposit rate by 75 bps to 0.75% for the first time. Bitcoin responded to the decision with growth: at the end of September 8, the cryptocurrency number one rose nearly 1%, to $19.26 thousand. Ethereum added 3.7%, to $1.63 thousand.
Bitcoin, and the cryptocurrency market in general, is becoming more resilient to interest rate hikes by the ECB as well as the U.S. Federal Reserve. The analyst, known as Rekt Capital, believes that the “bearish” period for the price of bitcoin is coming to an end, and that it is no longer important whether the “bottom” will be reached in November or December this year. According to his estimates, bitcoin is capable of losing another 5-10% on the short-term horizon, but for the foreseeable future he sees the No. 1 cryptocurrency price increasing by 200% from its current level.
Bloomberg analyst Mike McGlone believes that while Wall Street’s stock market depends on U.S. Federal Reserve policy, bitcoin is not as unambiguously affected by the U.S. central bank’s decisions.
The long-term interest in bitcoin is that characterizes institutional investors’ strategy of investing in it, and there is new evidence of that. Thus, a study by London-based HANetf, which specializes in niche exchange-traded funds (ETFs) that work with alternative financial instruments, showed that 75% of asset managers in the UK, Germany, Italy and Switzerland plan to increase the share of cryptocurrencies in their investment portfolios in the next 12 months.

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