Broad Crypto Market Update 7

Short term price action has been very bullish the past week and a half. However, little has changed in the macro environment. So far we have seen one rate hike that was quickly digested as positive news, and the narrative of stocks/crypto assuming the role of inflation hedges is alive and well. This past week, we finally saw BTC have a clean break of the resistance area around 43k-45k. We may very well see some cups form in the altcoin markets as XRP seems primed to make a run at $1 in the coming days/weeks. How this will bode for XRPL projects is unsure, but the broad alt market seems to have flipped resistance into support across multiple altcoins. Short term this could be a good opportunity to go long, but it must be remembered that the macro uncertainty surrounding inflation, rate hikes, geopolitical uncertainty, and overall lack of clarity surrounding the defi space, that things could change on a dime. So it is recommended to keep your positions small. This can be a profitable market for sophisticated traders, but this still is not a convincing break of the bear market trend. However, if more regulatory clarity arises and we see more adoption of crypto currencies, this could be the dying embers of the boom and bust cycles of crypto, and we may be witnessing some stability insert itself into the crypto markets. There will be more market updates as new information arises, and we plan on implementing some high risk reports on potential plays for some club members. And as always, NFA and please do your own research.