The Federal Reserve toughened its anti-inflationary stance this week by raising interest rates by an additional 0.75 percent. There is some hope for a “soft landing” that might reduce inflation while averting a protracted recession after Fed head Jerome Powell suggested the central bank may delay the pace of rate increases. The Fed’s announcement sparked a significant market rally.
Cryptocurrencies, which closely followed US stocks this summer, are now part of the surge. Bitcoin, the biggest cryptocurrency, has increased by 21% this month.
“The completion of Wednesday’s Fed meeting offers up a summer window for a Bitcoin relief rally, because we now have two months until policymakers next deliberate on monetary policy,” said Antoni Trenchev, co-founder of the Nexo cryptocurrency wallet, in his thoughts on the Fed meeting.
Therefore, this is a good time to examine bitcoin mining stocks, which have a strong relationship with the price of BTC. We found two of these stocks that have received enough strong feedback from the Street to obtain a consensus rating of “Strong Buy” by using the Tip Ranks database. Let’s look more closely.
