The crypto markets are continuing to rise amid the ongoing banking crisis in the United States and abroad.
Bitcoin and other altcoins have reached levels that have not been seen in nine months, following a week of chaos for macro markets.
As old resistance levels are being broken, bulls are trying to establish newly-reclaimed support, making the 2022 bear market feel like a distant memory.
However, there are still potential hurdles to overcome, including the upcoming Federal Reserve decision on interest rate changes and new macroeconomic data. The banking crisis has put the Fed’s ability to raise interest rates into doubt, as this policy could lead to more bank failures. Despite this, the Fed faces a challenge to its current quantitative tightening policy. Financial experts are divided on whether the Fed will hike rates by 25 basis points, pause hikes altogether, or even cut rates. There are concerns over how struggling bank stocks will react, particularly following the recent government buyout of Credit Suisse, which saw a violent reaction to the US meltdown.