Main Takeaway: The First October In Three Years To Not Uptober
As the last day of October comes to an end, it will be the first time in multiple years where the crypto markets haven’t gone on a tremendous bull run. So Uptober 2022 has been relatively disappointing from a historical point of view.
This is of course due to the negative macroeconomic conditions facing the world, including inflation, high energy costs, and a sovereign debt crisis in the making. However, over the past week, the crypto markets have made a slight reversal to the upside ahead of the November 2nd Fed rate hike.
The main takeaway is investors and traders should be careful of making significant bets ahead of the FOMC meeting as markets can go either way. This is especially relavent when the Fed is rumored to potentially not make a pivot, but at least slow down or pause rate hikes.