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Blogs > Crypto in a Minute > The Federal Reserve Meets Again >

The Federal Reserve Meets Again

Author: Jeffrey Craig Date: 2022-06-15 05:55:13

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june-15-daily-update

Main Takeaway: FOMC, Not FOMO

Wednesday evening US time the FOMC will be having its almost monthly meeting – and it’s predicted that Jay Powell will announce a 75 bps rate hike to quell inflation. As is widely reported, US inflation has drawn widespread concern around the world and has set off a trigger of global rate hikes, resulting in many currencies falling against the Dollar. From this, we’ve seen a departure from “risk-on” assets such as equities and cryptocurrencies.

Key Stories: S&P 500 Bear Market & 3AC

On Monday, the S&P 500 dumped again – nearly all across the board. An interesting chart has been going around that shows only Mcdonald’s showed positive returns that day. The index is now down more than 20% from its most recent record closing high of over 4,700. Many are saying the bear market began on January 3rd.

monday-stock-red

Pictured below is a graph depicting the S&P 500’s yearly returns, and as we can clearly see, so far in 2022 it’s deep in the red. Therefore, investors and traders should carefully watch the economy and minimize their risk.

s&p500-data

(Image source: Jennifer Walsh)

Besides the traditional markets, Three Arrows Capital (3AC), one of the largest crypto VCs is being liquidated and is reportedly insolvent. Because of this yet-to-be-verified news, a Bitcoin and Ethereum selloff is currently happening. $20,000 for Bitcoin and $1,000 for Ethereum are two key psychological levels to watch.

The Good News: Today’s Top Gainers

The best performing cryptos as of this writing on the 24 are:

  1. Gari Network – GARI/USDT
  2. UMA – UMA/USDT
  3. Gamium – GMM/USDT
  4. Kyber Network – KNC/USDT
  5. LooksRare – LOOKS/USDT

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