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The cryptocurrency market has been somewhat precarious in recent weeks, with bouts of volatility resulting in surprise rallies and dips.
Yesterday’s release of the minutes from the Federal Open Market Committee meeting in March signaled that aggressive rate hikes could make cheap capital a thing of the past.
Both equity and crypto investors appear to be taking the view that the aggressive interest rate hikes that may have been priced into the market may not be fully reflecting the extent to which central banks may choose to hike.
With cryptocurrencies moving in closer correlation to equities in recent months, many investors have simply come to the conclusion that Bitcoin, Ethereum, and even more speculative tokens like Dogecoin may represent higher-beta-risk assets.