{"id":15827,"date":"2022-12-19T00:48:17","date_gmt":"2022-12-19T00:48:17","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/the-federal-reserves-pursuit-of-a-reverse-wealth-effect-is-undermining-crypto\/"},"modified":"2022-12-19T00:48:19","modified_gmt":"2022-12-19T00:48:19","slug":"the-federal-reserves-pursuit-of-a-reverse-wealth-effect-is-undermining-crypto","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/the-federal-reserves-pursuit-of-a-reverse-wealth-effect-is-undermining-crypto\/","title":{"rendered":"The Federal Reserve&#8217;s pursuit of a &#8216;reverse wealth effect&#8217; is undermining crypto"},"content":{"rendered":"<p><\/p>\n<div data-v-30a6cf80=\"\">\n<p>The Federal Reserve\u2019s strategy to hike interest rates may continue, making it difficult for the crypto industry to bounce back. For crypto assets to become the hedge against inflation, the industry needs to explore ways to decouple crypto from traditional markets. Decentralized finance (DeFi) can perhaps offer a way out by breaking away from legacy financial models.<\/p>\n<h2>How Federal Reserve policies are affecting crypto<\/h2>\n<p>In the 1980s, Paul Volcker, the chairman of the Federal Reserve Board, introduced the interest hiking policy to control inflation. Volcker raised interest rates to over 20%, forcing the economy into a recession by reducing people\u2019s purchasing capacity. The strategy worked, and the Consumer Price Index (CPI) went down from 14.85% to 2.5%. Even now, the Federal Reserve continues to use the same methodology to bring down high inflation rates.<\/p>\n<p>In 2022, core U.S. inflation reached a 40-year high, making the Federal Reserve consistently hike interest rates throughout the year. This has negatively hit the crypto market. Mike McGlone, the Senior Commodity Strategist at Bloomberg Intelligence, explained that the Fed\u2018s \u201csledgehammer\u201d has \u201cbeen pressuring crypto this year.\u201d McGlone believes that the Fed\u2019s policies could lead to a crash that is worse than the 2008 financial crisis.<\/p>\n<p><iframe title=\"&#039;Fed sledgehammer&#039; to cause crash worse than 2008, but Bitcoin &amp; Ether to hit all-time highs by 2025\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/kSGbC1bhmOo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Market data shows a clear pattern where the Federal Reserve\u2019s interest rate hikes correspond to significant drops in cryptocurrency prices. For example, Bitcoin (BTC) prices declined on May 6 after the Fed\u2019s meeting on May 3 and 4 to increase interest by 0.5%. Similarly, Bitcoin fell to $17,500 after the Fed meeting on June 14 and 15, where they raised interest rates by 0.75%.<\/p>\n<p>The rate hike in June was a significant factor for cryptocurrencies like BTC and Ether (ETH) to fall 70% since their all-time highs. As the price charts demonstrate, the Federal Reserve\u2019s policies have a direct correlation with crypto market volatility. This uncertainty hampers the crypto industry from making a definitive comeback. Since cryptocurrencies are a risky asset class, investors are reducing their exposure to crypto due to rising interest rates and recession fears.<\/p>\n<p>The Federal Reserve implemented another 0.75% hike in interest rates in November. The Fed said it was trying to bring down \u201cinflation at the rate of 2 percent over the long run\u201d. The Fed Committee will continue to hike federal fund rates to 3-4%. It \u201canticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Jerome Powell is prolonging our economic agony<\/em><\/strong><\/p>\n<p>As inflation remains high, there\u2019s no reason to believe that the Federal Reserve will stop hiking interest rates anytime soon. Unfortunately, this isn\u2019t good news for risk assets like cryptocurrencies.<\/p>\n<h2>The future trajectory of Fed policies<\/h2>\n<p>In all probability, the Federal Reserve will continue with its interest rate hikes in accordance with market data feedback. Bank of America wrote,<em> <\/em>\u201cThe Fed will stress data dependence [\u2026] they will get two more NFP and CPI prints before the [December] meeting; if they stay hot, another 75 bps is in the cards, if not, a deceleration to 50 bps is possible.\u201d The strategists added, \u201cThe Fed isn\u2019t done hiking until the data says so.\u201d<\/p>\n<p>Echoing the sentiment, Barclays\u2019s credit research team said, \u201cThe Fed needs to see inflation turning \u2026 before turning meaningfully dovish.\u201d So, there\u2019s a high chance that even if the Federal Reserve reduces the hike percentage, they\u2019ll keep raising interest rates. Depending on inflation figures, the Fed might slow down its liquidity tightening measures from December but won\u2019t stop with its inflation mitigation strategies immediately. Thus, investors need to brace for a long period of crypto market volatility.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The market isn\u2019t surging anytime soon \u2014 So get used to dark times<\/em><\/strong><\/p>\n<p>The Federal Reserve intends to create a reverse wealth effect so that investors reassess their crypto portfolio. They want to create a precarious market situation by slowing down demand but also be careful to avoid any chaos. Despite the U.S. GDP contracting for two consecutive quarters, the Fed is eager to evaluate and implement painful policies. So, the crypto industry needs to find alternative methods to tackle the Fed challenge.<\/p>\n<p>The current market scenario demonstrates that crypto asset prices are entwined with the equity and stock markets. Investors still consider them to be high-risk assets and get skeptical about investing during high inflation periods. So, it is imperative for the crypto sector to distance itself from other traditional risky asset classes. Fortunately, a U.S. central bank report suggests that risk perception towards crypto is gradually changing.<\/p>\n<p>According to a Federal Reserve Bank of New York report, cryptocurrencies are no longer in the top 10 most cited as potential risks for the U.S. economy. This reveals an important change in the investor mindset, demonstrating that crypto will eventually become a non-risky asset class. But, that won\u2019t happen if crypto continues to follow the legacy financial model. To beat inflation and offset Fed policies, the crypto industry must embrace decentralized finance for a robust future economy.<\/p>\n<div>\n<p><strong>Bernd St\u00f6ckl<\/strong> is the co-founder and chief product officer of Palmswap, a decentralized perpetual contract trading protocol.<\/p>\n<\/div>\n<p class=\"post-content__disclaimer\"><em>This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve\u2019s strategy to hike interest rates may continue, making it difficult for the crypto industry to bounce back. For crypto assets to become the hedge against inflation, the industry needs to explore ways to decouple crypto from traditional markets. Decentralized finance (DeFi) can perhaps offer a way out by breaking away from legacy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-15827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Federal Reserve&#039;s pursuit of a &#039;reverse wealth effect&#039; is undermining crypto | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/the-federal-reserves-pursuit-of-a-reverse-wealth-effect-is-undermining-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Federal Reserve&#039;s pursuit of a &#039;reverse wealth effect&#039; is undermining crypto | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The Federal Reserve\u2019s strategy to hike interest rates may continue, making it difficult for the crypto industry to bounce back. 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