Published on 27 Jul 2023 on Zacks via Yahoo Finance
3 Crypto Stocks to Watch on Bitcoin's Expected Long-Term Gains
Cryptocurrencies have had a solid run this year after a not-so-memorable 2022. The Fed’s aggressive interest rate hikes to battle multi-decade-high inflation saw the cryptocurrency market taking a hit last year. This year has been good as favorable macroeconomic conditions have helped cryptocurrencies, including Bitcoin (BTC), make a solid rebound.
However, Bitcoin price fell below $29,500 on Jul 26 after the Fed increased interest rates by 25 basis points. Earlier this year, Bitcoin soared to a 13-month high of $31,500 driven by robust demand from institutional buyers.
The scenario is exactly opposite to that of last year. The Fed has increased interest rates by 525 basis points since March 2021, which raised doubts about the potential of Bitcoin.