On March 18, David Duong, research director at CEX Institutional, said that the market almost universally expects the Federal Reserve to keep the Intrerest Rate unchanged at this week's Federal Open Market Committee meeting, but investors should follow any potential changes to the Fed's balance sheet reduction (quantitative tightening, QT) plan. In his report on Monday, he wrote, 'We believe the Fed may pause or end its quantitative tightening program as bank reserve levels are approaching 10-11% of U.S. GDP, a level generally considered sufficient to maintain financial stability.' He said the recent Cryptocurrency dumping was mainly due to macroeconomic concerns and deteriorating Liquidity conditions, which could improve in the next quarter, providing support for asset prices. 'Cryptocurrency prices may bottom out in the coming weeks and then Rebound to new highs later this year,' he concluded. (CoinDesk)
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Analyst: BTC prices may bottom out in a few weeks and Rebound to new highs later this year
On March 18, David Duong, research director at CEX Institutional, said that the market almost universally expects the Federal Reserve to keep the Intrerest Rate unchanged at this week's Federal Open Market Committee meeting, but investors should follow any potential changes to the Fed's balance sheet reduction (quantitative tightening, QT) plan. In his report on Monday, he wrote, 'We believe the Fed may pause or end its quantitative tightening program as bank reserve levels are approaching 10-11% of U.S. GDP, a level generally considered sufficient to maintain financial stability.' He said the recent Cryptocurrency dumping was mainly due to macroeconomic concerns and deteriorating Liquidity conditions, which could improve in the next quarter, providing support for asset prices. 'Cryptocurrency prices may bottom out in the coming weeks and then Rebound to new highs later this year,' he concluded. (CoinDesk)