Analysts predict end of the hiking cycle as Chancer token sale continues

Cryptocurrency prices reacted mildly to the latest interest rate decision by the Fed. Bitcoin remained stuck slightly below the important level at $30,000 even as the Dow Jones continued its remarkable comeback. The index has risen in the past 13 days for the first time since 1980s. Meanwhile, Chancer raised over $1 million from investors.

Final Fed rate hike

The Federal Reserve decided to hike interest rates by 0.25% in its July meeting in a bid to fight the stubbornly high inflation. This rate hike brought interest rates to between 5.25% and 5.50%, the highest level in more than two decades.

Financial assets like cryptocurrencies and stocks don’t love high-interest rates, which explains why most of them plunged in 2022. However, there is an increasing hope that the Fed is nearing the end of the hiking cycle.

That’s because of the recent economic data from the United States. Data published earlier this month showed that the American labor market softened in June this year even as the unemployment rate sits at a multi-decade low.

At the same time, consumer inflation numbers revealed that prices dropped to the lowest level since March 2020 in June. The headline consumer price index (CPI) stands at 3.0%, lower than 2021’s high of 9.1%. Therefore, the bank will likely maintain interest rates at this range in a bid to prevent a hard landing. In a note, a Morgan Stanley analyst said:

“Nothing in the policy statement or the press conference led me to doubt our view that this will be the last hike of the cycle. The consumer is slowing, jobs are slowing, inflation is slowing and all those big pieces of the economy have been coming in line with our expectations.”

Another analyst at Pantheon Macroeconomics said:

“Numbers like that will make it harder for the Fed to justify hiking again, provided the gentle but persistent downward trend in payroll growth continues.”

Positive for Chancer

These statements are positive for cryptocurrencies, including Chancer. For starters, Chancer is an upcoming blockchain project that aims to change how the betting market works. It will achieve this using smart contracts, which are available in the blockchain technology. 

In addition to traditional sports markets, the platform will make it possible for people to create their own markets. It will have internal features to ensure that these markets…