Bitcoin remains range bound as Fed enacts 4th consecutive 75 basis point rate hike

2022-11-3 21:23

The U.S. Federal Reserve raised interest rates by 75 basis points (bps) after the Federal Open Market Committee (FOMC) meeting on Oct. 2, bringing the Federal Funds Rate to 3.75 – 4%.

Bitcoin reacted with an immediate 3% swing to the upside, topping out at $20,700 on the 18:00 (UTC) candle.

The Fed presses ahead with hike program

Following the Sept. 21 FOMC meeting, the Fed enacted a third consecutive 75 bps increase.

Since then, additional pressure to maintain the tempo of rate hikes has come from a buoyant U.S. jobs market, up by 263,000 jobs for September, and the latest Bureau of Labor Statistics report showing worse-than-expected Consumer Price Index (CPI) data.

Bruce Kasman, the Chief Economist and Head of Global Economic Research at JPMorgan, recently told Bloomberg that job growth needs to slow to 100,000 a month for the next two to three months before the Fed can even consider taking its foot off the gas.

Kasman said, in his view, it is reasonable for the Fed to pause interest rates at 4-4.5%.

Before today’s announcement, expectations were for a 75 bps hike, making today’s hike a non-event, according to CryptoSlate Analyst James Van Straten.

Instead, Van Straten said the focus is on the next FOMC meeting, scheduled for Dec. 14-15. Based on this outcome, the market can gauge whether the Fed intends to slow down with the pace of rate increases.

Currently, the market is 50/50 on whether December’s decision will yield a 50 or 75 bps increase.

Source: cmegroup.com Bitcoin spikes to $20,7000

In the run-up to the rate announcement, Bitcoin began trending lower from a local top of $20,550. This was followed by a drop to $20,144 on the preceding 15-minute candle.

Once the announcement was made, Bitcoin moved to $20,700, making up for all of the previous losses. However, it remains to be seen whether this uptick can be sustained to break out of its narrow trading band.

Source: BTCUSDT on TradingView.com

The post Bitcoin remains range bound as Fed enacts 4th consecutive 75 basis point rate hike appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

federal rate basis open bps points market

federal rate → Результатов: 126


Bitcoin-Pumping Wealth Advisor Licks Chops Over Fed Meeting

The Federal Reserve will hold its next policy meeting tomorrow, and analysts predict that the US central bank will adopt its second straight interest rate cut. That move should bolster the stock market, but does it mean anything for bitcoin? Will Interest Rate Cut Ignite Bitcoin Price Boom? Nigel Green, the founder of $10 billion […] The post Bitcoin-Pumping Wealth Advisor Licks Chops Over Fed Meeting appeared first on CCN.com

2019-9-17 18:43


Market Watch: Bitcoin Could Launch To New Highs As Stocks Sink

Bitcoin has been making progress since the rate cut by the U.S Federal Reserve. Since then, Bitcoin has risen from $9,000 to over $12,000 and still pushing despite the crashing stock market. Bitcoin’s progress is not about to stop, as Bitcoin bull and head of research at Fundstrat, Tom Lee says the stock market may […] The post Market Watch: Bitcoin Could Launch To New Highs As Stocks Sink appeared first on ZyCrypto.

2019-8-8 20:23


Dump These Dow Stocks When the Fed Cuts Rates Wednesday: CNBC Report

The Federal Reserve is poised to cut the base rate on Wednesday for the first time since the global financial crisis. The big question is what happens to the Dow and the S&P 500? Which Dow stocks will benefit from monetary easing at the Fed and which will suffer? CNBC tracked the stock market’s performance […] The post Dump These Dow Stocks When the Fed Cuts Rates Wednesday: CNBC Report appeared first on CCN Markets

2019-7-30 15:23


Dow Zooms Higher While Trump Flirts With ANOTHER Trade War

The Dow prepared to zoom higher for a second consecutive day after Federal Reserve Chair Jerome Powell all-but-confirmed that at least one interest rate cut waits just over the horizon. However, with the US stock market trading racing toward new record highs, investors must now grapple with yet another front in President Trump’s international trade […] The post Dow Zooms Higher While Trump Flirts With ANOTHER Trade War appeared first on CCN Markets

2019-7-12 16:19