[Blockchain Today Reporter Lee Ji-eun] As geopolitical instability continues, including the possibility of a war between Russia and Ukraine, the US Federal Open Market Committee (FOMC) released minutes suggesting an interest rate hike in March. there is. Cointelegraph reported this on the 17th (local time).
According to recent data from Cointelegraph Markets Pro and TradingView, BTC/USD has capped at $44,500 in the last 24 hours as of the 17th, but fell below $41,000 after the minutes were released. lost. On the 18th (Korean time), Bitcoin recorded $40,779 on CoinMarketCap, down 7.48% from the previous day.
In the report, Cointelegraph diagnosed that the minutes of the FOMC meeting held at the end of January did not offer much of a surprise as it had already expected that it would provide clues about a potential rate hike. An interest rate hike could come in March, but there was no clear word on the process.
In an accompanying statement, the FOMC said, “The Commission seeks to achieve maximum employment and manage inflation at a rate of 2% over the long term. “Considering inflation well above 2% and a strong labor market, the Commission expects to raise the target range for the federal funds rate soon.”
In addition, the FOMC plans to completely suspend asset purchases in March according to the previous plan. FOMC’s February purchases are said to be at least $30 billion.
Cointelegraph reported that although the cryptocurrency market has lost its vibrancy, optimism based on BTC’s strong resilience over the past two weeks remains valid.
Popular trader and analyst Pentoshi recently tweeted that “it could be as high as $53,000 before mid-March.” Other experts also noted that “Bitcoin this month is showing a fairly strong resilience” compared to when it plummeted from all-time highs in November.
In January, the price of Bitcoin faced a crisis as it fell below the mining price, but showed the potential to rebound near $33,000. Previously, Cointelegraph reported that the Bitcoin support line has risen slightly as buyers continued to accumulate at a price slightly higher than their previous low expectations.
Meanwhile, pre-Wall Street stock futures fell at least 0.5% on the news of a possible war between Russia and Ukraine. Earlier, the U.S. government said that claims that Russia was trying to ease the situation at the Ukrainian border were ‘false’. It is false.”
Currently, both Bitcoin and altcoins show a high correlation with stocks.
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