Elon Musk has surprised crypto investors with his predictions that the Fed is addressing monetary policy. The famous billionaire has been signaling for a new smartphone lately.
Elon Musk shares his views on the cryptocurrency market
The Tesla CEO said the current Fed trend is “worrying”. However, he said the Fed should cut interest rates immediately. According to Musk, the poor state and performance of financial markets is due to faulty policies. Musk’s new statement is from Twitter @vincent13031925, “I expect a real economic recession in 2023. Be prepared for any macro storm ahead.” Tesla CEO answered this expectation as follows:
The trend is worrying. The Fed urgently needs to lower interest rates. They greatly increase the likelihood of a severe recession.
The entrepreneur claims that the Fed has “substantially” increased the likelihood of a serious recession. That’s why he says we see a stricter monetary policy despite the calmer-than-expected inflation data. cryptocoin.comAs you follow, a number of fund managers, including Ark’s Cathie Woods, recently begged the financial regulator to soften their hawkish sentiments and ease the pressure at the upcoming FOMC meeting, primarily citing the disastrous performance of assets held by the investment-focused fund.
Elon Musk says Fed needs to soften
Musk seems to have adopted the anti-hawk mindset. He thinks the Fed should cut interest rates immediately. But the increased risk of recession is an alarming trend that could have serious consequences for the economy. The DXY index, which measures how the dollar is performing against a group of foreign currencies, hit a 20-year high during the active rate hike period, showing the success of the regulator’s actions. With the strength of the dollar, Bitcoin and the cryptocurrency market as a whole have fallen to the bottoms of recent years. It caused a market loss of almost $2 trillion. The positive news is that individual investors are still interested in cryptocurrencies despite the Terra and FTX bankruptcies.
Bitcoin accumulation has increased since the collapse of FTX
The cryptocurrency market is trying to recover after the sudden collapse of FTX. Meanwhile, a new report by Glassnode has addressed whether the continued selling of Bitcoin represents a continuation of the downtrend. The analytics analytics platform has found that all BTC investor groups are turning to crypto hoarding after the recent drop. Glassnode found that the recent increase in backlog after significant sales could be linked to 2018. This change of behavior has also followed many major selling events, such as the COVID crash in March 2020, the LUNA crash in May 2022, and June 2022, when the price dropped below $20,000 for the first time.
Finally, one group of investors who perfectly exemplifies the accumulation trend were individual investors. According to Glassnode, he has this to say about this category of investors:
“… recorded two significant ATH balance gains in the last 5 months. Shrimps has added +96.2k BTC to its holdings since the collapse of FTX and currently holds 1.21 million BTC, the equivalent of a non-trivial 6.3% of the circulating supply.
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