Despite the recent stock selloff and equity market turbulence, Bitcoin has managed to maintain its stability around the $26,000 zone. This observation was made by Alex Kuptsikevich of FxPro on Wednesday. Concurrently, Ether and other altcoins have shown only slight changes in their value.
The stability in Bitcoin‘s value comes amidst a backdrop of rising interest rates by the Federal Reserve. Typically, such an environment might lead to dwindling investor interest in riskier bets like Bitcoin. However, the cryptocurrency market seems to be bucking this trend, as it faces a historic slump in volatility.
This lack of volatility is further corroborated by the Crypto Fear and Greed Index, which indicates an increasing level of trader fear. Despite this sentiment, meme coins, a category of cryptocurrencies, are performing modestly under these market conditions.
The current state of the cryptocurrency market paints a comprehensive picture of resilience in the face of broader financial market instability. It remains to be seen how this trend will hold up if equity market turbulence and rising interest rates persist.
