JPMorgan Strategist Advises Investors to Sell Bitcoin, Crypto After Fed’s Hawkish Stance
After a short-lived reprieve from June lows, the crypto market neared crucial support levels on Fed’s hawkish chorus. With the US Federal Reserve firming up its ante against inflation and dismissing discussions about any softening of monetary policy. JPMorgan’s chief global strategist, David Kelly, has made some suggestions for crypto investors concerned about the direction of the market.
After Powell stressed that interest rates may have to stay elevated to curtail inflation in his latest speech, Bitcoin briefly plunged below $20,000 for the first time since mid-July, as risk appetite faltered. According to Kelly, investors should now steer clear of large-cap tech stocks, Bitcoin, and crypto in general. He expects more volatility to seep in and a high risk of a recession. Many experts are of the opinion that risky assets will continue to struggle as Powell tackles inflation.
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