← Go back May 05, 2023
Since late afternoon yesterday, the price of the world's largest cryptocurrency, Bitcoin, has traded 3.5% lower as of 1:42 p.m. ET today as investors braced for the Federal Reserve's upcoming meeting, which begins tomorrow.The Fed is widely expected to raise interest rates by a quarter of a point when it wraps up its meeting on Wednesday, but I think the market will be paying closer attention to the Fed's remarks after its meeting.One of the big reasons Bitcoin and the crypto market have rallied this year is the belief that the Fed will end its intense interest rate hiking campaign, which has proved devastating to riskier assets like Bitcoin. But it's still not a given because the trajectory of inflation may prove stickier than the market thinks, although there have been signs of inflation slowing in recent months.Continue reading
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