Quick Take Tomorrow is the next FOMC meeting, in which the markets have priced in a 25bps rate hike which would get the fed funds rate to 5.00 – 5.25. The market is pricing in a 94% probability of a 25 bps rate hike, all but confirmed. However, the FOMC meeting has been historically negative for Bitcoin price action. The price remained stagnant twice in the past nine FOMC meetings and dropped in the other seven. The last four FOMC meetings have seen negative price drops. Bitcoin is down 5% in the past five days, so has the price action led to the FOMC meeting? But ultimately, 2022 was the year of rate hikes, for the first time meaningfully since the 2008 cycle — which is why these events had such a negative influence. Fed Funds: (Source: CME) BTC Price: (Source: @theirish_man)

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