Fun

News Feed - 2023-07-27 03:07:29

William Suberg5 hours agoBitcoin traders eye Fed’s Powell as FOMC hikes rates to 22-year highsBTC"s price has yet to see real volatility kick in as the Fed hikes rates with Chair Powell yet to speak.2252 Total views8 Total sharesListen to article 0:00Market UpdateJoin us on social networksBitcoin shifted toward $30,000 on July 26 as the Federal Reserve delivered a fresh interest rate hike.BTC/USD 1-hour chart. Source: TradingViewBitcoin tames volatility ahead of Powell press conference


Data from Cointelegraph Markets Pro and TradingView showed Bitcoin"s (BTC) price performance strengthening after the Federal Open Market Committee (FOMC) took rates 0.25% higher.


While still fairly quiet, the largest cryptocurrency was still yet to react to a press conference from Fed Chair Jerome Powell due at 2.30 pm Eastern Time.


This is traditionally the main cue for risk asset volatility, with markets closely watching Powell’s language for signs of future policy changes.


“25 BPS is baked in so any deviation from that should yield a logical reaction, but #FED Chair #JPow goes out of his way to telegraph intentions and avoid surprises so don’t expect any change from the forecast," monitoring resource Material Indicators wrote in a Twitter post before the announcement.“All market participants will listen to the subtle nuances of what is typically a carefully crafted, post announcement statement and those words will move markets."


Confirmation of a hike of 25 basis points still brought benchmark interest rates to their highest level since 2001.


In an accompanying press release, the FOMC further hinted that should its roadmap toward 2% inflation become hindered, it would be prepared to take additional measures.


“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent,” it stated.“The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”Fed funds rate chart. Source: Federal ReserveSuspicions over “unanimous" FOMC


The move, while bringing rates to 22-year highs, was nonetheless overwhelmingly priced in across markets, with almost 99% odds that it would go ahead.


Related: Bitcoin gets $28K ‘plunge protection’ with BTC price due new volatility


A look at CME Group’s FedWatch Tool, meanwhile, showed less certainty that the next FOMC meeting in September would yield a repeat.Fed target rate probabilities chart. Source: CME Group


Discussing the implications, financial commentary resource The Kobeissi Letter noted that while every FOMC member had voted for the latest hike, this may not speak to harmony over policy at the Fed.


In a social media reaction, it argued that “between every meeting all Fed officials publicly disagree with each other.”


“Is the Fed really as united as they make it seem?” it queried.


Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Federal Reserve# Bitcoin Price# Markets# InflationAdd reactionAdd reactionRelated NewsWhat is an atomic swap, and how does it work?Bitcoin mining is becoming more environmentally friendlyThe last Bitcoin: What will happen once all BTC are mined?Why is the crypto market up today?CPI meets low BTC supply — 5 things to know in Bitcoin this weekBitcoin price falls under $30K as macro and regulatory worries take center stage

News Feed

Has Bitcoin Reached Its Cycle Top? Insights From Leading Analysts
Este artículo también está disponible en español. Bitcoin experienced extreme volatility yesterday after reaching a new all-time high of $104,088 on Wednesday. What follo
Jay Clayton Leaves SEC: Crypto Industry Hopeful for Bitcoin ETF Approval
Jay Clayton Leaves SEC: Crypto Industry Hopeful for Bitcoin ETF ApprovalChairman Jay Clayton is geared to leave the U.S. Securities and Exchange Commission (SEC) after President Don
Monsta Infinite Lists on AscendEX
Monsta Infinite Lists on AscendEX press release PRESS RELEASE. AscendEXis thrilled to announce the Monsta Infinite token (MONI) listing under the trading pair USDT/MONIon Sept. 15 a
Biggest Movers: DOGE Over 130% Higher in the Last 7 Days
Biggest Movers: DOGE Over 130% Higher in the Last 7 Days Meme coins remained higher on Tuesday, despite cryptocurrency markets mostly trading in the red. Dogecoin is now over 130%
IRS Special Agent on Crypto: ‘We See Mountains of Fraud in This Area’
IRS Special Agent on Crypto: "We See Mountains of Fraud in This Area" A special agent with the Internal Revenue Service (IRS) says the tax agency is “seeing mountains and mo
Bahrain Telecom Operator Starts Accepting Crypto Payments
Bahrain Telecom Operator Starts Accepting Crypto Payments Stc Bahrain, a subsidiary of the Bahrain telecoms operator Stc Group, recently said its partnership arrangement with payme
J.W. Verret9 hours agoThe Supreme Court could stop the SEC’s war on cryptoNeil Gorsuch, Brett Kavanaugh and Amy Coney Barrett are among a group on the Supreme Court who may not smile upon the SEC’s interpretation of
Elon Musk Confirms Bankman-Fried Owns 0% of Twitter Dismissing Reports Claiming a $100M Stake
Elon Musk Confirms Bankman-Fried Owns 0% of Twitter Dismissing Reports Claiming a $100M Stake Tesla CEO and Twitter chief Elon Musk has clarified that Sam Bankman-Fried, former CEO
Ethereum 'speculatory divergence' sees ETH price cling to $3K support
William Suberg13 hours agoEthereum "speculatory divergence" sees ETH price cling to $3K supportETH price action currently focuses on a key line in the sand for Ethereum short-term holders.1610 Total views10 Total sharesL
Bitcoin ‘Sales Pressure’ Building Up — What This Means
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
XRP Could Skyrocket 470% If History Repeats, SuperTrend Indicator Suggests
Este artículo también está disponible en español. In a technical analysis shared on X, popular crypto analyst Ali Martinez (@ali_charts) has drawn attention to a potentia
Gareth Jenkinson11 hours agoHut 8 receives green light from Canadian Supreme Court for USBTC mergerThe Supreme Court of British Columbia has given Hut 8 final clearance to complete a proposed merger with USBTC.11642 Tota