This week’s crypto performance is likely going to be influenced by the Federal Reserve.
Bitcoin has been down 0.01% in the last 24 hours.
Bitcoin (BTC) begins a new week amid a major macroeconomic shift. The United States Federal Reserve is expected to be the most talked-about topic for investors on what might be an important week for Bitcoin and other cryptocurrencies. No matter how hard it appears, upcoming events in the world of Bitcoin markets, which have been in a trading range for the whole of 2022, might be the spark that sets the stage for an abrupt shift in attitude and price movement.
Factors Influencing Prices
For better or worse, this week’s crypto performance is likely influenced by the Federal Reserve. A crucial interest rate increase has been predicted since the beginning of the year and will be decided on March 16.
Inflation is out of control, and that’s a concern for the Fed. However, that drive to decrease its record financial sheet after two years of coronavirus excesses is too much. The rate rise is expected to be merely a quarter of a basis point, but the consequences for Bitcoin holders might be significant.
There is a growing chance of Russia defaulting, and the economic consequences from sanctions and trade barriers are increasing inflationary pressures. COVID-19, meantime, is back in the news in China, with more and more inhabitants being detained.
BTC has already shown strong links to the stock market in the United States, and the Fed’s moves will certainly be followed suit. According to CoinMarketCap, the Bitcoin price today is $38,858.27 USD with a 24-hour trading volume of $24,020,608,302 USD. Bitcoin has been down 0.01% in the last 24 hours.