$BTC We are gradually seeing more central banks discussing possible rate increases. These include the Federal Reserve, the Bank of England, the European Central Bank, and the Bank of Japan, which have either already raised rates or are expected to do so this year to combat inflation. Inflation has resulted from years of aggressive monetary easing, tariffs, and now rising oil prices. An end to the war could stabilize oil markets, but its impact on other sources of inflation would be less significant.

The cryptocurrency market actually reflected this shift ahead of traditional markets, pricing in higher yields, tighter liquidity, and risk-averse conditions earlier than other markets, which is why it peaked in October while other markets reached their peaks months later. Stocks and commodities in particular have reacted relatively late to these developments and are more dependent on data and headlines. ‌