Paul McCaffery, co-head of equities for investment bank Keefe

the connection between plunging asset prices and Wednesday’s release of minutes from the Federal Open Market Committee’s (FOMC) July meeting showing the U.S. Federal Reserve continues to be concerned about inflation and might not slow the pace of interest rate hikes soon. Bitcoin’s price rose last week after an encouraging Consumer Price Index (CPI) suggested the Fed could ratchet back its approach because of easing inflation. McCaffery said crypto performance will depend on macroeconomic conditions and the ongoing development of regulation.