Why Bitcoin Hit $86,000 Despite Fed Rate Hikes - VanEck's Sigel, Former CFTC Chair Weigh In
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Bitcoin's (CRYPTO: BTC) surge from around $58,000 over the summer to a September peak of $86,000 defied what appeared to be an increasingly difficult macro backdrop, including a Fed rate hike and rising Treasury yields. VanEck Head of Digital Assets Research Matthew Sigel and former CFTC Chair Chris Giancarlo offered two explanations for the rally: Exhausted sellers and improving liquidity conditions on one hand, and Bitcoin's growing appeal as protection against government debt and currency debasement on the other.
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