As per reports, the Federal Reserve is expected to raise the interest rates in its upcoming meeting scheduled on July 26-27. If it raises the rates by 0.75%, it will be the third rate hike this year and won’t be the last either, as more as planned for the months ahead.
These measures by the Federal Reserve have affected all risky assets, including cryptocurrencies.
However, this news isn’t impacting the crypto market as of now, as Bitcoin & Ethereum have reclaimed their $22,000 and $1,500 price levels. This, in turn, has been driving positivity through industry experts and traders who remain bullish.
Today, Binance CEO Changpeng Zhao, also known as CZ, displayed his bullish perspective via a Twitter post. CZ believes that as the profitability is increasing across the crypto market, the focus should be more on BUILD rather than HODL. In addition, he says that though a few projects failed, the number of traders and institutions continues to rise.
CZ also claims that fundraising, investing, DeFi, NFT, and more activities have also increased.
To prove his point, he provided an example of the 2000 dot com bubble burst, which didn’t affect the internet. In fact, this bubble burst allowed other companies to rise.
Bitcoin Price At $28k?
Other analysts such as Michael van de Poppe, Rekt Capital, and Plan B are bullish on Bitcoin as well.
Per their predictions, if Bitcoin manages to hold above $22.8k and above 200-WMA until the end of July, the price can rise above $23,800 and reclaim the $28,000 price level.
Currently, Bitcoin is trading at $22,274 with a fall of 5.78%, while Ethereum is selling at $1,520 with a plunge of 6.88% in the last 24hrs.