Bitcoin cryptocurrency is predicted to fall to new lows in the near future

Cryptocurrency analyst Nicholas Marten has suggested that the flagship cryptocurrency risks falling to new market lows if the US Federal Reserve does not stop raising its benchmark lending rate. According to Marten, the US regulator will maintain the rate hike vector until it reaches its inflation control goals.

Marten emphasized that the Fed’s actions are strategically correct for the country’s economy, but they have a detrimental effect on the cryptocurrency market. Currently, many of the world’s leading organizations are focusing on a possible recession in the global economy. Thus, a report published by the United Nations (UN) states that the monetary policy of the US central bank may cause a global recession. According to the UN forecasts, global economic growth will slow to 2.5% in 2022 and fall to 2.2% in 2023.

According to Nicholas Marten, the Fed will not ease its policy and will not compromise with the cryptocurrency industry. Therefore, investors should expect bitcoin and altcoins to fall to new lows in the near future.

As for the rates of the most popular cryptocurrencies at the time of writing: BTC is trading at $ 19,427, ETH at $ 1,318, and BNB at $ 277.3.