The crypto market is seen starting to show some recovery in the last 24 hours with the price of Bitcoin (BTC) increasing by 2.57% trading at the price level of $20,161 while Ethereum (ETH) jumped 1.8% past the price level of $1,352.
Meanwhile, Ripple (XRP) is now trading around $0.5000 which is up over 5% and Dogecoin (DOGE) is up 8% in 1 day.
Despite this, the Chief Executive Officer (CEO) of Eight Global Michael van de Poppe and crypto analysts are confident that the crypto market will have a small rebound from the previous bearish movement following the US dollar expected to move strongly in the market.
He added that the United States (US) unemployment rate data that will be published this Friday in the NFP report is likely to be negative and will have a negative impact on the market.
Meanwhile, the Federal Reserve (Fed) still maintains a hawkish stance in setting their monetary policy despite the global recession.
Therefore, the United Nations (UN) warned the global economy to move away from its aggressive stance, but the Fed is seen not yet wanting to budge.
It is understood that the Fed's stance will become clearer after the president of the Atlanta Fed, Raphael Bostic, delivers his important speech.
On record, the crypto market is still strongly correlated with world market movements which will be determined through macroeconomic conditions.
The CME Fed Watch tool still indicates an increase of 75 basis points in the next FOMC meeting.
