Bitcoin Slips To 1-Week Low Ahead Of Fed Hike Rate Decision
July 26 2022 - 6:05PM
NEWSBTC
On July 26, the price of Bitcoin (BTC) fell to a level not seen in
more than a week as investor anxiety grew in anticipation of the
Federal Reserve raising interest rates. Bitcoin Slumps According to
TradingView, the leading cryptocurrency is currently trading below
$21,000 at $20,955, down 4.26 percent today and a further 7.17
percent over the past week. As a result, the total market value of
the digital asset is currently $400.13 billion. More than a week
ago, on July 18, BTC had a market cap of this amount. Hopes for a
long-lasting Bitcoin recovery have been dashed by the dip, which
has brought the coin’s trading range back to $19,000 to $22,000.
Related Reading | On-Chain Data: Bitcoin Whales With 10k+ BTC
Have Been Growing It’s interesting to note that cryptocurrency
consulting firm Eight Global has a more upbeat outlook for the
Federal Open Market Committee (FOMC) meeting on July 27. The
website stated that the federal funds rate is significant for
cryptocurrency because: “Crypto is correlated to the stock market,
and the stock market is impacted by the federal funds rate. Rising
rates hurt the performance of stocks while lowering rates make
stocks more interesting as investment.” The majority and most
likely outcome, according to Eight Global, is a hike of 75 basis
points, although the market has already factored this in. What to
expect tomorrow: An increase of 75 bps is expected by the majority
and is the most likely outcome. A 75 bps hike will either have a
neutral or bullish outcome for stocks and crypto, as this has been
priced in during the past weeks. pic.twitter.com/MH3Hx8oQ9k — Eight
(@eight_global) July 26, 2022 BTC/USD trades at $22k. Source:
TradingView With the markets correcting, cryptocurrency trading
guru Michal van de Poppe stated that he is “looking at a
$20.5K-20.7K area to hold for Bitcoin going into FOMC tomorrow.”
Related Reading | Bitcoin Puell Multiple Lifts Off From Buy
Zone, Bull Momentum To Follow? Featured image from Shutterstock,
charts from TradingView.com
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