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Market-update

Independent ReserveMarket update

BTC A$29K. Markets tumble following Fed hawkishness

Markets fell this week after Federal Reserve chair Jerome Powell indicated the Fed will continue its aggressive approach to curb inflation despite the "unfortunate costs." "A failure to restore price stability would mean far greater pain," he said. Bitcoin plunged below the US$20K mark (A$29K), the S&P 500 fell 3.4% on Friday while A$46B was wiped from the Australian sharemarket on Monday. The local market is also bracing for another half a percentage point interest rate rise next Tuesday. Bitcoin is currently down 8% for the week to trade around A$29,300 (US$20.2K) while Ethereum has fallen 9% to trade around A$2,240 (US$1,540). Most other coins fell including XRP (-6%), Cardano (-6%), Solana (-12%) and Polkadot (-6%). Synthetix climbed 17.8% on the back off news it can now survive on actual revenue. The Crypto Fear and Greed Index is at 24 or Extreme Fear.

Market-update

Independent ReserveMarket update

BTC A$41K. Ethereum Merge to be the next bullish catalyst?

As the apocryphal Chinese curse goes: 'May you live in interesting times'. Well, markets have rarely been more interesting with a record eight weeks in the red for Bitcoin which slid another 2.9% this week to trade around AU$41,100 (US$29.2K). In traditional markets the S&P 500 dipped briefly into bear market territory on Friday with a 20% drop from its January high before a small turnaround on Monday. Ethereum fell 2.9% this week and is trading at AU$2790 (US$1984), XRP lost 5%, Cardano (-8%), Solana (-9.6%) and Polkadot (-8%). The Crypto Fear and Greed Index is at 10 or Extreme Fear.