Crypto market influenced by US CDS
Cryptocurrency markets have been moving in a horizontal – negative course for the last week in parallel with the global markets.
Credit Default Swap, abbreviated as CDS, is an index that expresses the risk level of countries. Recently, the US CDS has been rising for a long time and surpassed 100 yesterday, which is the most important reason for the increased risk appetite in the markets. The US CDSs, which exceeded 100 in the last 2008 crisis, are pricing the risks accumulated in loan repayments due to the tightening financial environment. This risk pricing causes stress and pressure on the markets. The high amount of money entering the US bond market in the last few days and the decrease in bond interest rates support this risk pricing.
Bitcoin has been under affect
With all these developments, the upward trend of Bitcoin continues in the medium term. However, a new story and money inflow are needed in the short term. Uncertainty may increase and volatility may increase before the upcoming FED meeting. There will be more balance sheets on the agenda of the markets today. New home sales data and consumer confidence index will be followed in the USA. Apart from that, first quarter balance sheets of Pepsi, General Motors, McDonalds, Microsoft and UPS will be published.
Bitcoin, which received a reaction from $ 27,000 yesterday, found buyers at $ 27,300 this morning, while Ethereum is priced at $ 1,810. In the last 24 hours, the most rising altcoins are INJ, WOO and CHZ.
