The US Federal Reserve’s latest monetary policy announcement has spooked investors, causing a sell-off in the cryptocurrency market. The Fed paused interest rate hikes, but its hawkish outlook on interest rates has left investors worried.
Hawkish Guidance on Interest Rate Outlook Affects Crypto Market
The US Federal Reserve’s hawkish outlook on interest rates has caused a sell-off in the cryptocurrency market. Despite pausing interest rate hikes and leaving the Federal Funds Target Range unchanged at 5.0-5.25%, Chairman Jerome Powell signaled that more interest rate hikes may be needed later in the year. This guidance is in line with the updated dot-plot, which indicates that the median expectation among Fed policymakers is for interest rates to end 2023 at 5.6%. This hawkish guidance on the interest rate outlook has shocked crypto investors, with Bitcoin (BTC) and Ether (ETH) falling more than 3% and 5% respectively. Higher interest rates encourage investors to move into risk-free yield-producing assets like US Treasuries and out of speculative risk assets, such as cryptocurrencies.
Bright Spots in the Bearish Crypto Market
Despite the bearish trend in the broader crypto market, there are a few bright spots. Analysts at Cryptonews have ranked three crypto projects as amongst the best presale opportunities of 2023.
Wall Street Memes, one of the internet’s hottest retail investing communities, has recently expanded its relevance in the cryptocurrency space with the presale of its new $WSM token. The success of the $WSM presale, which has raised more than $7 million in just over two weeks, can be attributed to the size of Wall Street Memes’ community. With 1 million social community members, the $WSM token is expected to be listed on tier 1 crypto exchanges like Binance. Airdrops to holders will be a big part of the ecosystem, and analysts are already predicting 10x gains for Wall Street Memes when it lists on exchanges.
The yPredict market intelligence platform is building a first-of-its-kind, institutional-grade financial price prediction system. The tool is built on yPredict’s in-house deep data analysis and will help crypto investors discover the next explosive crypto with ease. The best part is that yPredict’s crypto price prediction system will remain free and open for all users to access. As AI continues to make waves in the crypto industry and beyond, projects like yPredict are expected to attract significant interest. AI cryptos like yPredict’s native $YPRED token, currently available via presale, are expected to be amongst the next best-performing coins.
AiDoge, an up-and-coming memecoin project, has raised more than $14.9 million in its crypto presale and is expected to be the next big meme coin to blow. The project utilizes revolutionary generative $AI technology in its viral meme-making social media platform and will be unveiling its first major CEX listing in just four days. AiDoge is building a revolutionary new crypto-powered web3 platform that will allow users to share and vote on memes created by users via the platform’s breakthrough AI technology.
The US Federal Reserve’s hawkish outlook on interest rates has caused a sell-off in the cryptocurrency market. However, there are a few bright spots in the bearish market, with Wall Street Memes, yPredict, and AiDoge being ranked as amongst the best presale opportunities of 2023. These projects utilize innovative technology and are expected to be amongst the next best-performing coins. As with any cryptocurrency investment, caution is advised, and investors should always do their research before investing.