Bitcoin Down as Market Braces for Fed’s 50 Basis Point Rate Hike

“The Fed’s response to COVID increased the money supply by over 40%, directly providing stimulus checks and indirectly growing capital reserves through quantitative easing,” IntoTheBlock’s research head Lucas Outumuro said. “Now that the ‘money printer’ is expected to slow down, markets have been anticipating a hangover from the excessive stimulus provided, weighing down on valuations of both stocks and crypto.”