In addition to traditional financial markets bitcoin and cryptocurrency Investors are also hours away from the announcement of the Fed’s interest rate decision. Here are the details about the decision and the latest situation in Bitcoin.
Interest decision and explanation at 22:00 Turkish time.
Powell press conference at 22:30 Turkey time.
Before the FED’s announcement, Bitcoin (BTC) price is just below this level, although it lost $23,000, which it re-entered during the day. BTC price has lost approximately 0.60% in the last 24 hours.
In addition to Bitcoin, it is seen that there is a slight pullback in the prices of Ethereum and other altcoins before the FED decision. Ethereum price has lost approximately 1.19% in the last 24 hours.
Interest Decision
An increase of 25 basis points is almost certainly expected, while FED funds futures are pricing in a 2% chance for a 50 basis point surprise.
There will be no updates to economic forecasts or dot plots at this meeting.
Eyes will be on when there is any change in the phrase “continuing increases”.
Press Statement by Fed Chairman Powell
Powell is expected to reiterate that there will be no rate cuts in 2023.
A hawkish message is awaited from Powell that the final interest rate forecast for December is still valid. The median dot chart for December showed that officials expected it to rise to 5.125-75bps, which is one more rate hike than currently priced.
*Not investment advice.
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