Bitcoin can be ‘strong inflation hedge’ during ‘expected’ volatility: Okcoin CEO
Okcoin CEO Hong Fang argues bitcoin has a strong investment value as inflation risks continue in the market.
Bitcoin is holding around $38,000 ahead of the Federal Reserve's decision on interest rates.
The cryptocurrency gave up 2% on Tuesday and has traded lower in four of the past five days.
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Entering Wednesday, bitcoin is down 1% for the week and more than 18% year-to-date.
Bitcoin and other cryptocurrencies have had a rough week ahead of what is expected to be a half-point interest rate hike by the Federal Reserve.
Ether was trading around $2,800, off for a similar amount over the same period.
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This past year, tighter monetary policy has impacted both stocks and cryptocurrencies.