Crypto prices experienced significant sell pressure this week, with investors being alarmed by the US Federal Reserve’s latest monetary policy announcement. Although the Fed halted its interest rate hikes for now, maintaining the Federal Funds Target Range at 5.0-5.25%, it conveyed a hawkish stance on the interest rate outlook. Chairman Jerome Powell indicated that more rate hikes might be necessary later this year, given the stronger-than-expected labor market and persistent inflation.
This bearish guidance on interest rate outlook caught crypto investors off guard. Bitcoin (BTC) fell over 3% on Wednesday, dropping below $25,000 – a first since March. Meanwhile, Ether (ETH) declined over 5%, reaching its lowest level since March in the mid-$1600s and testing its 200-day moving average. Such higher interest rates may encourage investors to transition from speculative risk assets like cryptocurrencies to risk-free yield-producing assets, such as US Treasuries.
This setback comes in the wake of the US Securities and Exchange Commission (SEC) introducing new lawsuits against Binance and Coinbase, casting further uncertainty over the US crypto industry by labeling several cryptocurrencies as securities. However, despite the broader bearish crypto market trend, some projects have been showing promise.
One notable example is Wall Street Memes ($WSM). It has garnered significant attention with its 1 million-strong social community and already raised $7 million in its ongoing $WSM token presale. This success raises expectations that the token will eventually become listed on tier 1 crypto exchanges like Binance. With 30% of the token supply earmarked for community rewards, analysts anticipate airdrops to token holders becoming a key component of the ecosystem.
Another project gaining traction is yPredict (YPRED), a market intelligence platform developing an institutional-grade financial price prediction system. This prediction system will be free and open to all users, with no login required to view price predictions. Alongside price predictions, yPredict is also building a state-of-the-art crypto research and trading platform harnessing artificial intelligence (AI) for various features.
Lastly, AiDoge (AI) appears to be a popular choice among investors, as demonstrated by its rapid presale raising over $14.9 million in just a few weeks. It leverages cutting-edge generative AI technology for its meme-making social media platform, rewarding users who create the best memes with its native $AI token.
While the general crypto market outlook seems to be on shaky ground in light of recent developments, these projects are shining examples of opportunities that may still yield strong results for investors who find themselves caught between the push and pull of market forces.
Source: Cryptonews
