Since mid-September, the leading cryptocurrency Bitcoin (BTC) has been experiencing a upward momentum. Along with its recent price movements, BTC started trading at around $27,100. While BTC continues to trade at critical levels, all eyes in the markets are now focused on the interest decision of the Federal Reserve (FED), which will be announced at 21:00 GMT+3.
All eyes in the markets are now focused on the interest decision of the Federal Reserve (FED), which will be announced at 21:00 GMT+3, followed by a live press conference by FED Chairman Jerome Powell. FED officials have stated in their recent statements that there may be a need for additional interest rate hikes in the coming months.
FED Chairman Powell emphasized in his recent statements that current inflation is well above the 2% target. Following Chairman Powell’s statements, expectations that monetary tightening policies may continue have strengthened. Indeed, last week, US producer and consumer inflation data also came in above expectations.
However, despite the statements made by FED officials and the inflation data coming in above expectations, the strongest expectation in the markets is that interest rates will remain unchanged. The FED interest decision, which is the focus of the markets, will be announced at 21:00 GMT+3, and after the interest decision is announced, FED Chairman Powell will speak to the press in a live broadcast.
Many analysts have stated that if the FED does not make a sharp interest rate hike contrary to expectations and keeps interest rates unchanged, there may not be high volatility in the cryptocurrency market. The leading cryptocurrency Bitcoin (BTC), which has gained upward momentum in the past week, started trading at around $27,100.
Last week, US consumer and producer inflation data came in above expectations. However, the inflation data coming in above expectations did not cause a sharp decline in the cryptocurrency market. The cryptocurrency market, fueled by the value increase in BTC, gained momentum at the beginning of the week.