World-renowned asset management company Grayscale said in a statement that with the Bitcoin (BTC) price jumping a bit before the final interest rate decision to be announced by the US Federal Reserve on Wednesday, crypto prices could still rise no matter what if interest rates rise.
The Fed is expected to raise interest rates by 25 basis points, according to CME's FedWatch tool.
The Rise in Bitcoin (BTC) Will Continue According to Grayscale
Bitcoin rebounded from daily lows after MicroStrategy reported balance sheet results. He said that belief in the MicroStrategy Bitcoin strategy remains strong.
Pointing to the fluctuation that occurred in the second half of April, Grayscale said there are a few important implications to keep in mind.
Referring to a misleading Arkham warning, Grayscale said, "Bitcoin may still be susceptible to a number of sentiment-driven factors that can be affected by incorrect or incomplete information."
Recently, the analysis company Arkham announced that the US Government and Mt. Gox were selling Bitcoin, and this unfounded news triggered a fear in the market. For this reason, cryptocurrencies have experienced a serious decline.
However, Grayscale said that factors such as an additional rate hike and declining inflation "fit well with a bullish case for Bitcoin in the future."
Meanwhile, the failure of several regional banks indicates that "crypto remains an attraction for investors in times of economic uncertainty," he added.
*Not investment advice.