The Federal Reserve raised rates this week, by another 0.75%, toughening up its anti-inflationary stance. At the same time, Fed chair Jerome Powell indicated that the central bank may slow its pace on rate hikes, which gives some hope for a ‘soft landing,’ that may curb inflation while avoiding a deep recession. Markets rallied strongly in response to the Fed news.

The rally has made its way to cryptos, too, which have been tracking US stocks closely this summer. In particular, the largest crypto, Bitcoin, is up 21% this month.

Nexo crypto wallet co-founder Antoni Trenchev sees these developments as net gains, and predicts further near-term rally in BTC in his comments on the Fed meeting: “The conclusion of Wednesday’s Fed meeting opens up a summer window for a Bitcoin relief rally, given we now have two months until policymakers next deliberate on monetary policy.”