If a Recession Fell Over in the Woods, Would it Make a Sound?

Adrian Kenny, Senior Sales Trader At a Listed Digital Asset Broker global block

At the time of writing, Bitcoin price is at $23,911.13, continuing a very welcome uptrend. After briefly breaking above 24,000 earlier this week, digital assets continue to consolidate comfortably within this range, at least in the short term.

Crypto, and broader markets in general, have seen a rally of some relief in recent days. Lately, all eyes have been on his Fed response and his reaction to the ever-present threat of inflation and the predicted and now-looming recession (the Fed has yet to guaranteed). The reaction this week has been very positive, with the cryptocurrency market surpassing 1 tonne of market capitalization once again.

For the outlook, this week saw some markets recover last week’s losses for the first time in over a month, but there is definitely a lot to climb when it comes to hopes of a return to ‘normalcy’ or highs. . It’s almost 2021 years.

Ethereum has also continued its upward trend this week, currently trading at $1718 at the time of writing. Ethereum has seen a more aggressive decline recently, with the price of the second most popular cryptocurrency falling to around $800, up almost 100% from its early June lows to current levels. While many have begun to see short-term bullish sentiment, many have warned that we are not yet out of the woods from a macro perspective, and a cautious thesis is the current situation. It’s a more logical stance to take.

Another broader move for mass adoption, Santander, a Spanish tradfi banking institution, will soon Provide crypto trading services For customers in Brazil. Mario Leao, CEO of Santander Brasil, said the service will be launched in the next few months. This follows Barclays’ plans to leave its mark on the crypto space.