BTC Fear & Greed Indicator Turns Neutral on FTX News and BTC Rebound

FTX News eases Fed policy sentiment and concerns about a US recession

On Thursday, US economic statistics came out hotter than expected. Initial jobless claims fell from 205,000 to 190,000, the first visit below 200,000 since September. The Philadelphia Fed headline manufacturing index rose from -13.7 to -8.9, easing fears of a near-term hard landing.

But tighter labor market conditions may give the Fed reason to take a more aggressive interest rate path that could lead to a hard landing. The NASDAQ Composite and S&P 500 responded to the numbers, falling 0.96% and 0.76%, respectively.

After the closing bell, Netflix (NFLX) recovered the losses for the session. The increase in subscribers supported an after-hours rally, which supported BTC and the broader crypto market.

While US economic indicators added to the threat of a more hawkish Federal Reserve, crypto market news delivered Thursday’s session bullish. Talk of an FTX reboot has reduced the risk of FTX contagion, BTC support and broader crypto market recovery.

According to the Wall Street Journal, new FTX CEO John J. Ray III said he has created a task force to investigate the relaunch of FTX.com. Reportedly, some customers have praised the technology and suggested it would be valuable in rebooting.

Today, US economic indicators are likely to have a weak impact on Bitcoin. The housing sector numbers will leave FOMC members talking. Talk of a 50 basis rate hike could scare investors.

Investors should also keep an eye on the Crypto News Feed for updates on FTX and the ongoing SEC v Ripple case.

This morning the NASDAQ mini index rose 40 points.

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