Grayscale Head of Research Zach Pandl told clients Thursday that the Fed's 25-basis-point hike is unlikely to move crypto markets much, calling it a mid-cycle adjustment rather than a shift in policy direction. Why Pandl Isn't Worried About the Hike Pandl wrote in a note published Thursday that Wednesday's move to a 3.75% to 4% target range differs fundamentally from the Fed's 2022 tightening cycle.