Test for Crypto Rebound Seen Coming in September — Market Talk

The rebound seen in cryptocurrencies appears to have hit near-term resistance levels, with further upward momentum depending on next moves by the Fed. "If bitcoin ETF inflows and stablecoin supply continue rising while markets maintain a greater-than-50-percent probability of a September hike, [we] believe it would provide stronger evidence that underlying crypto demand can withstand tighter monetary conditions," says Bitfinex in a note. "If those flows begin to weaken as rate expectations rise, the macro backdrop could increasingly cap bitcoin's upside." Bitcoin is flat at $78,620, while other cryptocurrencies are mixed. ([email protected])