🔥Bitcoin is holding at 63k while the odds of an interest rate hike in July are rising 👀
On Friday, the price of #bitcoin remained around $63,000, after dropping over 2% since Thursday and more than 5% since Monday, just after hitting a high of $67,000 earlier this week. This comes after the recent decision by the Federal Reserve to keep interest rates unchanged, but now the likelihood of a rate hike in July is increasing.
As we know, on Wednesday, the first meeting of the Federal Open Market Committee (#FOMC ) was held, led by the new Fed Chair Kevin Warsh, where it was announced that interest rates would remain the same and that the #Fed would provide less information to the market moving forward, which has heightened uncertainty.
That’s why the outlook on the new monetary policy that the Fed will implement in July is unclear. The level of uncertainty is such that in the Fedwatch tool, only 61% expect rates to remain the same in July, while 38.5% anticipate a rate hike. Meanwhile, on Polymarket, 73% expect no changes to rates and 26% predict a rate increase in July.
This differs from previous occasions when Jerome Powell was still the Fed Chair, where after the FOMC speech, there was a clearer picture of what to expect regarding interest rates in the coming months.
If interest rates were to rise in July, how far could Bitcoin drop?
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Share and follow me for more 👈😎
$BTC
On Friday, the price of #bitcoin remained around $63,000, after dropping over 2% since Thursday and more than 5% since Monday, just after hitting a high of $67,000 earlier this week. This comes after the recent decision by the Federal Reserve to keep interest rates unchanged, but now the likelihood of a rate hike in July is increasing.
As we know, on Wednesday, the first meeting of the Federal Open Market Committee (#FOMC ) was held, led by the new Fed Chair Kevin Warsh, where it was announced that interest rates would remain the same and that the #Fed would provide less information to the market moving forward, which has heightened uncertainty.
That’s why the outlook on the new monetary policy that the Fed will implement in July is unclear. The level of uncertainty is such that in the Fedwatch tool, only 61% expect rates to remain the same in July, while 38.5% anticipate a rate hike. Meanwhile, on Polymarket, 73% expect no changes to rates and 26% predict a rate increase in July.
This differs from previous occasions when Jerome Powell was still the Fed Chair, where after the FOMC speech, there was a clearer picture of what to expect regarding interest rates in the coming months.
If interest rates were to rise in July, how far could Bitcoin drop?
👉More crypto updates ...
Share and follow me for more 👈😎
$BTC