BTC Fair Value Rises; Virtu eyes Bigger Role in Crypto

Chart of the Day

On Thursday, the broader crypto market rose in tandem with major stock indices, with the latter experiencing their largest two-day rally since April of last year. The recovery in the stock markets can be partly attributed to the U.S. Federal Reserve's move to raise interest rates by a quarter-percentage point to a range of 0.25%-0.5% after two years of maintaining a near-zero interest rate to insulate the economy from the COVID-19 pandemic. However, some analysts believe that a prolonged period of rate hikes will actually constitute a strong headwind for digital assets in general. As of the time of writing, BTC has reclaimed the $40k level after posting up a decent 4% gain within the last 24 hours. The largest cryptocurrency by market cap is currently consolidating above the $41k level, and looks to be charging up another attempt to break through the immediate resistance zone near the $41.6 mark. A clear break above said level would open up the doors for another BTC rally.