Several macroeconomic factors, such as rising inflation, geopolitical crises and rising interest rates, continue to drive greater short-term volatility in the cryptocurrency and stock markets. That's according to Edward Moya, senior market analyst at brokerage firm Oanda, who says that “Wall Street enjoys a positive risk attitude, which is good news for cryptocurrencies. If the price of bitcoin stabilizes in the next two weeks, the protracted bear market for cryptocurrencies, also known as the crypto winter, could end as quickly as it began. The rise in cryptocurrency prices may have come as a pleasant surprise to cryptocurrency enthusiasts, especially after CPI-based inflation data in the U.S.
The U.S. will reach a new 40-year high of 9.1%. Several high-profile cryptocurrency companies, including hedge fund Three Arrows Capital and crypto lender Celsius, said cryptocurrency prices are rising as investors begin to feel more optimistic about the cryptocurrency market, thanks in part to the recent rebound in the stock markets of the United States.
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