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Crypto Market News: The Federal Open Market Committee (FOMC) on Wednesday introduced its choice to pause rate of interest hikes, as anticipated broadly within the monetary markets. The central financial institution signaled that further price will increase are potential later in 2023. This comes behind the easing inflation price within the United States in May 2023, because the Consumer Price Index (CPI) got here out to have risen 0.1% month over month. Meanwhile, the Bitcoin worth is displaying bullish indicators in its preliminary response to the Fed choice.
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Bitcoin Price Reaction To Fed Decision
The Bitcoin price maintained sideways momentum in its preliminary response to the speed hike pause. However, the hints of potential price hikes later within the yr might end in a pump and dump situation for Bitcoin. Earlier, CoinGape reported that merchants can be keenly trying on the Fed’s message round chance of price hikes within the subsequent assembly in FOMC. It was mentioned that the market worth actions might be determined by how the US central financial institution forecasts about its upcoming selections.
However, a majority of the US Fed officers see chance of price cuts in 2024. Meanwhile, the S&P 500 Index took a pointy fall of 0.45% following the FOMC choice, whereas the Nasdaq Composite Index fell 0.52%.
Also Read: Binance Looks To Deregister As Crypto Service Provider In Cyprus
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The introduced content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.
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