Top Cryptocurrencies Consolidate Ahead of FOMC Meeting

  • Top cryptocurrencies including Bitcoin and Ether have consolidated ahead of today’s FOMC meeting.
  • Crypto experts expect BTC to rally following the widely anticipated interest rate hike by the US Federal Reserve.
  • Traders’ sentiment appears to be divided with a near 1:1 ratio on BTC long and short positions on major exchanges.

Top cryptocurrencies, including Bitcoin and Ether, are consolidating ahead of today’s FOMC meeting, where a rate hike of 25 basis points is expected. Crypto experts have predicted that an interest rate hike followed by a pause would drive up the price of BTC and ETH, though most traders are looking forward to a pause rather than another hike.

The Federal Open Market Committee (FOMC) meeting scheduled for later today is arguably the most anticipated event of this month for traditional finance. However, its impact has historically spilled over to the crypto market as well, with mainstream cryptocurrencies often reacting to the U.S. Federal Reserve’s stance on interest rates.

According to a report by Bloomberg, analysts at JPMorgan Chase & Co.’s trading desk have projected a 65% probability of an interest rate hike and pause by the Federal Reserve. The analysts added that there is a 34% probability of an interest rate hike, followed by further hikes in the future. They also laid out a scenario where there would be no changes to the interest rate, though the probability of that was a mere 1% to 2%.

At the time of writing BTC was trading at $29,194, with a mere 0.14% change over the past 24 hours. The days leading up to today’s FOMC meeting saw BTC in a ranging pattern between $29,000 and $31,300. Meanwhile, ETH was trading at $1,852, with a 0.06% change over the past 24 hours.

Data from the on-chain analytics platform Coinglass showed that crypto traders were equally split over the price action of Bitcoin ahead of FOMC. The ratio between long and short positions was near 1:1 on major crypto exchanges. Technical analyst Jim Wyckoff noted that August BTC futures prices were trading slightly higher in early U.S. trading hours.

Comments

Post a Comment

Popular posts from this blog

Shiba Inu: Here's How Much SHIB Can Rise in 2025

Image
Shiba Inu (SHIB) has a lot of expectations tied to its protocol. Countless individuals are invested in the project, in the hopes of becoming wealthy. However, is the asset going to deliver again? That remains a question only time will answer. At the moment, experts at Finder have given their opinion on how SHIB may perform till the year 2025. According to a survey, Shiba Inu (SHIB) is anticipated to reach $0.00004930 by the year 2025. The panel included 55 fintech specialists. Source: Finder Among the panelists, some are more optimistic about SHIB than others. According to Alexander Kuptsikevich from FxPro, SHIB could reach upto $0.0001 by 2025. Yet, Kuptsikevich did say that “It is unlikely to roar as it did in 2021.” Nonetheless, he did add that SHIB “can ride the future waves of the crypto market.” Will Shiba Inu actually reach $0.00004930? It should be noted that the survey was conducted in October 2022. Since then, SHIB has unveiled a lot more projects and initiatives that co...
Read more

Twitter thread shows Coinbase’s servers may be compromised

A Coinbase user recently shared a Coinbase-related scam story indicating that the exchange’s servers might be compromised . Jacob Canfield, a YouTube host and bitcoin enthusiast, claimed he received a text message about a changed two-factor authentication (2FA) setting on their Coinbase account. Shortly after, he got three phone calls from an individual claiming to be a Coinbase customer support representative. The calls originated from a San Francisco number, adding to the illusion of legitimacy. Holy shit. I just got attacked with one of the most complex scams in #crypto that I have seen to date. Please read if you use @coinbase. This just happened 15 minutes ago. THIS IS A WARNING FOR ALL COINBASE USERS! There has been some sort of a data breach. First, I… pic.twitter.com/aOVWLpAtY4 — Jacob Canfield (@JacobCanfield) June 13, 2023 During the calls, the impersonator asked whether Canfield was traveling outside the US and whether he had requested changes to the email ...
Read more

Bitcoin skeptic Charles Schwab bank deposits down 30% YoY, while BTC is up 50%

Image
The Charles Schwab Corp. (NYSE: SCHW)  is among the most affected financial firms facing a drop in customer deposits due to the increased interest rate environment in the United States, according to its Q3 2023 report. This presents a real challenge for a company that relies primarily on clients’ uninvested cash to fund its interest-earning businesses. Charles Schwab’s consumer bank deposits tumbled 28% year-over-year (YoY), causing its net interest revenue to drop 23.5% in the third quarter, which also negatively affected its quarterly revenue of $4.61 billion (-16.2% from Q2). A recent post on X (Twitter) by the event-driven trader Gurgavin Chandhoke highlights Charles Schwab as the financial company with more accumulated losses in bank deposits since Q3 2022. BANK DEPOSITS OVER THE LAST 1 YEAR BMO UP 21% AMERICAN EXPRESS 20% SCOTIABANK UP 9% CIBC UP 4% RBC UP 3% JP MORGAN DOWN 1.2% CITI DOWN 2.5% GOLDMAN DOWN 2.5% TD DOWN 2.6% BANK OF AMERICA DOWN 3% WELLS FARGO D...
Read more