U. On Tuesday, the US stock commodity futures were bright red, which should clearly be the expectation of the US interest rate increase. Contrary to the bull market marked by the data encryption market this month, Bitcoin (BTC) and ETH are currently in the adjustment phase. However, after the interest rate was determined and the press conference held by Jerome Powell, the mentality of the traders may change. Therefore, as heard at every FOMC conference, all price drops before and after the announcement will not continue.
Although Powell issued a radical statement on the US economic situation in July 2022, the market reaction was positive and optimistic. At the subsequent Fed meeting, investors seemed to have been used to raising interest rates, and the market reaction was soft. Similarly, the data encryption market can also take action on the economic outlook and the future plans of the central bank. However, taking full account of the strong upward trend of cryptocurrency since January 1, 2023, the development trend may have a reversal of indoor space.
In addition, the US stock index (DXY) showed an upward curve, with a slight increase of 0.18%. Although this will be negative for the cryptocurrency price, there is still room for recovery after Powell issued the statement.
Although the stock market turned red before the central bank meeting on Monday, the cryptocurrency market lost its earlier gains this week. BTC and ETH have lost nearly 1.50% of their value in the past 24 hours. According to the CoinGap price tracking, as of the time of writing, the BTC price was $22855, down 1.56% in the past 24 hours. The price of ETH was US $1571, down 0.85% in the past 24 hours. In this context, the estimated interest rate will rise by 25 percentage points, and the data encryption market will take any way under the current situation. The special tool for CME Fed observation shows that the traders are basically sure to raise the interest rate by 0.25%, and the overall target interest rate probability is 98.1%.
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Tue, 18 Apr 2023