Bitcoin shifted toward $30,000 on July 26 as the Federal Reserve delivered a fresh interest rate hike.
Bitcoin tames volatility ahead of Powell press conference
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s (BTC) price performance strengthening after the Federal Open Market Committee (FOMC) took rates 0.25% higher.
While still fairly quiet, the largest cryptocurrency was still yet to react to a press conference from Fed Chair Jerome Powell due at 2.30 pm Eastern Time.
This is traditionally the main cue for risk asset volatility, with markets closely watching Powell’s language for signs of future policy changes.
“25 BPS is baked in so any deviation from that should yield a logical reaction, but #FED Chair #JPow goes out of his way to telegraph intentions and avoid surprises so don’t expect any change from the forecast,” monitoring resource Material Indicators wrote in a Twitter post before the announcement.
“All market participants will listen to the subtle nuances of what is typically a carefully crafted, post announcement statement and those words will move markets.”
Confirmation of a hike of 25 basis points still brought benchmark interest rates to their highest level since 2001.
In an accompanying press release, the FOMC further hinted that should its roadmap toward 2% inflation become hindered, it would be prepared to take additional measures.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to
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Author: William Suberg
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