🦎🚀 Exciting News: CoinGecko Acquires Zash
Coins: 11,380
Exchanges: 940
Market Cap: $1.713T 0.5%
24h Vol: $60.124B
Gas: 32 GWEI
Go Ad-free
Market Coverage
TABLE OF CONTENTS

Recession or Risk-On Session?

by Benjamin Hor

As expected, the days leading up to the rate hike day on July 27 had some noticeable volatility. On July 26, BTC saw a slight dump from $22k to $21k but ETH, which previously led the market, dropped from $1.55k to 1.37k. The sell-off was likely a derisking event by traders in anticipation of the FOMC meeting, which turned out to be in line with market expectations i.e.  75bps hike. On the surface, it does not change the fact that inflation is still high, which also marked the first time in the modern history of the Fed that it has had back-to-back 75bps hikes. However, the underlying tone is more suggestive; that the Fed is unwilling to go higher than 75bps because this is likely the peak of inflation. At the same time, Powell acknowledged the negative impact of rate hikes on economic growth and would slow rate hikes based on a data-centric approach. 

All these positive factors provided additional fuel for the continuation of the relief rally for the day. Strangely enough, despite the US economy contracting for the second straight quarter (-0.9% GDP at an annualized period for Q2), investors were left unperturbed. We explore more on this below. ETH, in particular, is still outperforming BTC (reaching $1.78k) as ETH/BTC consolidates at the 0.07 range, looking for an opportunity to break out.

Source: CoinGecko

Subscribe to CoinGecko Premium to unlock this exclusive article

Want access to ad-free CoinGecko, exclusive publications & many more? Subscribe to a Premium account now!
Already a Premium user? Log in

Related Articles

coingecko
Continue in app
Track prices in real-time
Open App
coingecko
Continue in app
Track prices in real-time
Open App
Select Currency
Suggested Currencies
USD
US Dollar
IDR
Indonesian Rupiah
TWD
New Taiwan Dollar
EUR
Euro
KRW
South Korean Won
JPY
Japanese Yen
RUB
Russian Ruble
CNY
Chinese Yuan
Fiat Currencies
AED
United Arab Emirates Dirham
ARS
Argentine Peso
AUD
Australian Dollar
BDT
Bangladeshi Taka
BHD
Bahraini Dinar
BMD
Bermudian Dollar
BRL
Brazil Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chilean Peso
CZK
Czech Koruna
DKK
Danish Krone
GBP
British Pound Sterling
HKD
Hong Kong Dollar
HUF
Hungarian Forint
ILS
Israeli New Shekel
INR
Indian Rupee
KWD
Kuwaiti Dinar
LKR
Sri Lankan Rupee
MMK
Burmese Kyat
MXN
Mexican Peso
MYR
Malaysian Ringgit
NGN
Nigerian Naira
NOK
Norwegian Krone
NZD
New Zealand Dollar
PHP
Philippine Peso
PKR
Pakistani Rupee
PLN
Polish Zloty
SAR
Saudi Riyal
SEK
Swedish Krona
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
UAH
Ukrainian hryvnia
VEF
Venezuelan bolívar fuerte
VND
Vietnamese đồng
ZAR
South African Rand
XDR
IMF Special Drawing Rights
Cryptocurrencies
BTC
Bitcoin
ETH
Ether
LTC
Litecoin
BCH
Bitcoin Cash
BNB
Binance Coin
EOS
EOS
XRP
XRP
XLM
Lumens
LINK
Chainlink
DOT
Polkadot
YFI
Yearn.finance
Bitcoin Units
BITS
Bits
SATS
Satoshi
Commodities
XAG
Silver - Troy Ounce
XAU
Gold - Troy Ounce
Select Language
Popular Languages
EN
English
RU
Русский
DE
Deutsch
PL
język polski
ES
Español
VI
Tiếng việt
FR
Français
PT
Português
All Languages
AR
العربية
BG
български
CS
čeština
DA
dansk
EL
Ελληνικά
FI
suomen kieli
HE
עִבְרִית
HI
हिंदी
HR
hrvatski
HU
Magyar nyelv
ID
Bahasa Indonesia
IT
Italiano
JA
日本語
KO
한국어
LT
lietuvių kalba
NL
Nederlands
NO
norsk
RO
Limba română
SK
slovenský jazyk
SL
slovenski jezik
SV
Svenska
TH
ภาษาไทย
TR
Türkçe
UK
украї́нська мо́ва
ZH
简体中文
ZH-TW
繁體中文
Login to track your favorite coin easily 🚀
By continuing, you agree to CoinGecko Terms of Service and acknowledge you’ve read our Privacy Policy
or
Forgot your password?
Didn't receive confirmation instructions?
Resend confirmation instructions
IT'S FREE! Track your favorite coin easily with CoinGecko 🚀
By continuing, you agree to CoinGecko Terms of Service and acknowledge you’ve read our Privacy Policy
or
Password must contain at least 8 characters including 1 uppercase letter, 1 lowercase letter, 1 number, and 1 special character
Didn't receive confirmation instructions?
Resend confirmation instructions
Forgot your password?
You will receive an email with instructions on how to reset your password in a few minutes.
Resend confirmation instructions
You will receive an email with instructions for how to confirm your email address in a few minutes.