Powell is speaking tonight, the life and death of the crypto market all depends on his words...
Continuing to raise interest rates to fight inflation, Bitcoin will crash, and altcoins will plummet.
If he changes his tune and says the economy can't take it anymore and needs to cut rates, Bitcoin could surge, and altcoins might rise too, giving relief to those who are trapped. The biggest fear is him playing coy, saying decisions will be made flexibly based on data, while the market appears stable but is actually very volatile underneath, and options traders love to harvest at this time.
Immediately convert all altcoins to Bitcoin or stablecoins, and stay away from high leverage. If you're unsure how to operate, come directly to me, Sister Xin.
Lastly, a reminder that the European Central Bank might suddenly inject liquidity; no matter how hawkish Powell is, he can't suppress the market. Tonight is like dancing on the edge of a knife; protecting your principal is more important than anything else, don't be cannon fodder.
