“What we’re seeing is that bitcoin has been extremely rangebound these last few weeks with the onset of the Ukrainian conflict. It’s been like watching a Ping-Pong ball match,” said Ben McMillan, founder at IDX Digital Assets.
Bitcoin inched up on Wednesday, after the Federal Reserve raised its policy rate by a quarter percentage point, the first rate hike since 2018, and signaled more to come.
“The initial derisking has already happened, which is reflected in the lower level of liquidations overall,” Michael Safai, managing partner at crypto prop trading firm Dexterity Capital, wrote to MarketWatch in an email. “What we’re seeing is that bitcoin has been extremely rangebound these last few weeks with the onset of the Ukrainian conflict. It’s been like watching a Ping-Pong ball match, just kind of back and forth between support and resistance,” McMillan told MarketWatch in a phone interview.
The market has been pricing seven quarter-percentage-point interest hikes this year and it is “on the very hawkish side of things,” Tony Nyman, Informa Global Markets’s FX Fundamentals manager told MarketWatch in an interview. The Fed “can’t really go much more than that, unless they start doing the more aggressive 50 basis points moves, which historically, they don’t tend to do that much,” Nyman said.
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