Jerome Powell Speaks: Market Turns Red?

Interest Rate Expectations:

Fed Funds Futures are now pricing in a 50 basis point rate hike for the next FOMC meeting on March 22, following Fed Chair Jerome Powell's testimony today to the Senate Banking Committee on how the Fed views inflation and its rate-hiking campaign.

Stock Market Volatility:

The Volatility Index (VIX) is trading near a support zone which should lift the index in the short term. If this is the case, it would translate to bearish pressure for the equity market.

Bitcoin ($BTC):

Bitcoin continues to trade within the tight range of $22,150 and $22,650. In the 4h chart above, we see $BTC at the lows of a rising trend channel in place since mid-January. Either this serves as a great entry for a long position or we’re getting ready to break below.

Ethereum ($ETH):

The Ethereum network has surpassed 1.9B transactions. Ether seems to have reached a temporary top. For now, the technical outlook is neutral with a bearish bias. However, if prices break below $1,500, it would send $ETH lower towards $1,365.

View the full report here:?Market Note — March 7,?2023

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