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[SERIOUS] Do you think the crypto market will keep recovering as it is now? More in description.

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by COINS NEWS 13 Views

During and after the events related to the Silicon Valley Bank, we've seen the crypto market improve and it's begun to rally in the past few days. The ignition might have been people panic-selling USDC for BTC and ETH, but the growth has been sustained after that.
I am however worried for the mid-term future:
- inflation is still high (both in the US and in the EU) and has kept eaten away at people's purchasing power and savings (I'm talking 10% to 100% increases in the price of all goods, from food to furniture - where I live milk is 30% more expensive than last October, meat is 20% more expensive than 1 year ago, some kinds of home furniture are 60% more expensive and so on)
- despite the above, the rate hikes will seemingly continue for the foreseeable future despite there being no excessive spending to stop; JPow has gleefully commented on how the job market is still "very tight", meaning more or less "we can hike the rates some more, we can afford to have more unemployed people around"
- salaries for a lot of professions are NOT keeping up with inflation, and since there already is no overspend to correct with rate hikes I would expect to see even less spending in the future, with people retreating into just spending the bare minimum
- the tech sector, which crypto is fairly strongly tied to, has been experiencing regular layoffs since circa the start of the year and it doesn't look like it's stopping anytime soon

With this rather bleak picture as the background, is it really possible for crypto to stay at the current prices, or even recover further?

Thank you for taking the time to read my post. I hope to see some nice discussions and perspectives come up on the topic, both from americans and from europeans (as the financial situations and competent authorities' current stances are slightly different).

submitted by /u/youngbitcoino
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