\n<\/p>\n
Cryptocurrency prices were off as traders reacted to the Federal Reserve<\/a>‘s fourth consecutive rate hike.<\/p>\n Bitcoin was flat at $20,281.88 on Nov. 3, according to data firm CoinGecko<\/a>. Ether, the native currency of the ethereum blockchain, was off slightly to $1,544.79, while dogecoin slipped 0.2% to $0.130632.<\/p>\n Stocks\u00a0also moved lower<\/a>\u00a0Thursday, extending declines from last night’s post Fed-decision.\u00a0<\/p>\n “The Fed hiked rates by 75 bps yesterday, as many had predicted<\/a> and as the market seemed to have priced in,” said\u00a0Frank Corva, senior analyst for digital assets at Finder<\/a>. “Both traditional and digital assets markets rallied upon the announcement.”<\/p>\n\n However, Corva said, what the markets didn\u2019t like was Federal Reserve Chair Jerome Powell\u2019s forward guidance.<\/p>\n “Powell said that if the Fed overtightens it could use its tools to support the economy later on,” he said. “He continued to explain how he feels overtightening is a better risk than not tightening enough, which could lead to inflation<\/a> becoming entrenched.”<\/p>\n\n\n Corva said Powell also stated that the terminal Fed Funds rate<\/a> will be higher than previously expected “and that the Fed expects to stay the course until the job of bringing inflation down is done.”<\/p>\n\n\n “Upon receiving this message, just about all markets – from bonds to equities to crypto – started to fall,” he said. “In essence, Powell has made it clear that he plans to tighten until either inflation comes down or something breaks.”<\/p>\n “This isn\u2019t good news for markets, particularly markets for risk-on assets like tech stocks and crypto,” Corva added. “Powell is on a mission to bring down inflation and the well-being of financial markets seems to at best be a secondary concern of his right now.”<\/p>\n Edward Moya, senior market analyst for the Americas with Oanda<\/a>, said that\u00a0a hawkish<\/a> Fed is triggering a de-risking moment on Wall Street, yet Bitcoin refuses to give up the psychological $20,000 level that is important to crypto traders, or “hodlers,” as they are also known.<\/p>\n\n\n “Stocks are down significantly post-Fed yet Bitcoin continues to hover above $20,000,” Moya said. “Bitcoin might eventually break here, but this resilience that is being displayed should show markets how confident long-term hodlers remain.”\u00a0<\/p>\n Moya said stocks aren’t going to have a painful death here, “but they will soften until markets price in a little more Fed hawkishness. “\u200b<\/p>\n Meanwhile, Winston Ma, managing partner of CloudTree Ventures<\/a>, said that the crypto trading in Asia received a boost from the Hong Kong government\u2019s proposed rule to potentially allow retail investors to trade in cryptocurrencies and crypto exchange-traded funds.<\/p>\n\n\n Financial Secretary Paul Chan said in a keynote address broadcast to the Hong Kong Fintech Week conference on Monday that\u00a0authorities will start a consultation process which aims to retail investors “a suitable degree of access” to virtual assets, Ma said.<\/p>\n “The city, which previously proposed limiting crypto trade to professional investors, has seen planned rules for digital assets heavily criticized for stifling innovation,” said Ma, author of “Blockchain and Web3: Building the Cryptocurrency, Privacy, and Security Foundations of the Metaverse<\/a>.” “The\u00a0HK government probably hopes that the new move toward legalizing retail Investors\u2019 crypto trading will help it rebuild its fintech hub status.”<\/p>\n\n\n He said that the latest announcement could put Hong Kong’s rules on a par with those of Singapore.<\/p>\n “It will be interesting to see how the future competition between HK and government to play out, for crypto talents and investment capital,” Ma said.<\/p>\n<\/div>\n !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function() Cryptocurrency prices were off as traders reacted to the Federal Reserve‘s fourth consecutive rate hike. Bitcoin was flat at $20,281.88 on Nov. 3, according to data firm CoinGecko. Ether, the native currency of the ethereum blockchain, was off slightly to $1,544.79, while dogecoin slipped 0.2% to $0.130632. Stocks\u00a0also moved lower\u00a0Thursday, extending declines from last night’s […]<\/p>\n","protected":false},"author":1,"featured_media":34045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[1158,2048,2098,62,1858,3127,195,830,9688,180],"class_list":["post-34044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-among","tag-caution","tag-check","tag-crypto","tag-fed","tag-hike","tag-price","tag-rate","tag-spurs","tag-traders"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/thumb-bitcoin-2-js-100522.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34044"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34044\/revisions"}],"predecessor-version":[{"id":34046,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34044\/revisions\/34046"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/34045"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34044"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}‘Powell on a Mission’<\/h2>\n
Hong Kong Crypto Rule<\/h2>\n
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