Crypto Market News: The Federal Open Market Committee (FOMC) on Wednesday introduced its determination to pause rate of interest hikes, as anticipated extensively within the monetary markets. The central financial institution signaled that further price will increase are potential later in 2023. This comes in the back of 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 value is displaying bullish indicators in its preliminary response to the Fed determination.
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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 could end in a pump and dump state of affairs for Bitcoin. Earlier, CoinGape reported that merchants will likely be keenly trying on the Fed’s message round risk of price hikes within the subsequent assembly in FOMC. It was mentioned that the market value 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 risk of price cuts in 2024. Meanwhile, the S&P 500 Index took a pointy fall of 0.45% following the FOMC determination, whereas the Nasdaq Composite Index fell 0.52%.
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