Despite a more challenging monetary environment, bitcoin has recorded a slight increase in its price. The cryptocurrency is around $76,000 following the U.S. Senate's rejection of a regulatory law.
Bitcoin has demonstrated its resilience in a complicated context, according to Expansion.com. Despite the recent interest rate hike by the Federal Reserve of the United States and the rejection of a regulatory law for the cryptocurrency market, the most important cryptocurrency has managed to recover slightly, reaching $76,000 in the last 24 hours.
Manuel Ernesto de Luque, CEO of Block Asset Management, highlighted that the week has been especially complex for the crypto market, with two significant events affecting its performance. The first was the U.S. Senate's rejection of the new law aimed at regulating the sector, and the second was the Fed's rate hike, which has historically negatively impacted bitcoin.
eToro analyst Javier Molina points out that the recent monetary policy of the Federal Reserve creates a demanding environment that could drain liquidity from the market. However, he believes that a more balanced message could benefit the cryptocurrency's recovery.
During the morning, bitcoin showed a 1% uptick, which is notable given the pressure from the Fed. This increase allows bitcoin to reduce its weekly negative balance to just 2%, despite regulatory uncertainty and monetary pressures.
Analysts agree that monetary pressures on the crypto market will continue in the short term. The possibility of another rate hike by the Fed this year remains a central concern. However, the market had already anticipated the 25 basis point increase, which facilitates bitcoin's adaptation to the Fed's messages.
In the medium term, experts believe that although the Fed will continue to influence the price and volatility of bitcoin, this does not alter the structural thesis of the asset. According to De Luque, it is essential to analyze digital assets within a macro framework and not just as a bet on bitcoin.
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