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Cryptocurrency Market Could Experience Near-Term Downside Correction

According to a recent analysis, the cryptocurrency market may be on the verge of a near-term downside correction, as the potential postponement of a rate cut by the U.S. Federal Reserve has yet to be factored into the current market prices. This information comes from Bitfinex Head of Derivatives, Jag Kooner, who expressed concerns that the market is currently pricing the Fed to be more dovish than statements from Federal Reserve Chair Powell would suggest.

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Concerns Over Fed’s Rate Cut Postponement

Head of Derivatives at Bitfinex, Jag Kooner, stated that the market’s delay in pricing in Powell’s latest statements could lead to a downside correction for bitcoin and other cryptocurrencies, as well as financial markets. This suggests that a potential decline in the cryptocurrency market may occur in the near-term if market expectations for a rate cut persist and the next FOMC meeting results in a pause.

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Fed Rules Out Rate Cut in March

Over the weekend, Federal Reserve Chair Jerome Powell indicated that an earlier rate cut in 2024 was unlikely, despite widespread expectations for the central bank to begin cutting rates in March. Powell’s statement during an interview on CBS’ 60 Minutes quashed the speculation of a rate cut, stating that it was “not likely” to happen in March. He emphasized the need for greater confidence in inflation reaching the 2% target before considering a rate cut.

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Risk-Off Sentiment Pervading the Market

BIT Mining Chief Economist Youwei Yang highlighted the uncertainty and risk-off sentiment prevailing in the market, stemming from the delay in rate cuts and concerns over a soft landing, as well as patterns reminiscent of the dotcom bubble in AI stocks. Furthermore, the lack of clarity on when rate cuts will be implemented has contributed to market uncertainty and potential broad sell-offs triggered by new events.

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The largest digital asset by market capitalization traded flat on Wednesday, changing hands for $43,032 at 8:45 a.m. ET, according to The Block’s Price Page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

┬® 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.