The U.S. Federal Reserve is attempting to curb longstanding inflationary pressures with a 0.25% increase in its chief interest rate. Consequently, the rate now sits at its highest in the past 22 years, 5.5%. Regardless, despite a consistent decline in consumer prices for 12 months straight, inflation rose to a 3% annual increase; its lowest in over two years, but still higher than the Fed’s desired rate. Pursuing crypto markets, Bitcoin and Ether portray modest gains, begging the question: what are the top cryptos to purchase in our current financial climate?
What might stimulate significant market changes might include the Federal Reserve’s reassessment of its rate approach or the Securities and Exchange Commission‘s approval of a Bitcoin ETF. We still recall that it was mere months ago that Bitcoin’s price soared past $30,000, largely due to assumptions surrounding BlackRock‘s Bitcoin ETF application. Given the chance, traditional investors might have increased access to the digital market should this financial heavyweight receive regulatory acceptance.
Despite this, the Federal Reserve’s decision on the interest hike ensures the crypto retains its current cost. With Bitcoin, 50.05% of traders currently lean towards long positions, while the other 49.95% favor short stances. Furthermore, data indicates $31.63 million in liquidated positions over the past day alone.
Speaking about the banking sector, it has had a turbulent time with regional player PacWest Bancorp’s stock dropping over 27% yesterday. It made a comeback today, following rumors of a merger with Banc of California. Yet, Bitcoin stands firm amid these events, mainly due to robust fundamentals and promising technical analyses.
Furthermore, Compound, BTC20, Maker, Chimpzee, and Theta Network are considered the best cryptos to buy now. Despite a surge to $3 million in presale of the Ethereum-based token BTC20, there’s an element of caution. The token aims to offer returns similar to Bitcoin, but traders should be wary nonetheless. Similarly, there is Maker (MKR), which has seen momentum in price surge, but again, investors should be cautious of potential price pullbacks. Further, an interesting choice could be the charitable Web3 platform, Chimpzee. Lastly, with Theta Network’s technical indicators showing a bullish sentiment, investors are encouraged to keep an eye on this crypto as well.
Source: Cryptonews
