Crypto news: Last week the crypto world experienced exuberance and shock in equal measure. On-chain metrics revealed Bitcoin (BTC) whales are growing increasingly bullish in light of the recent US Federal Reserve (Fed) rate pauses, while the conviction of former crypto mogul Sam Bankman-Fried (SBF) marked a stunning fall from grace for one of crypto’s early champions and refocused scrutiny on crypto.
Fed Chair Jerome Powell affirmed on Wednesday the central bank will hold interest rates unchanged at 5.25-5.5%, marking the third consecutive rate pause in this cycle. On-chain data revealed patterns that the Fed’s policy is turning investors bullish toward Bitcoin, even as former crypto champion Sam Bankman-Fried withered under the guilty verdict of nine jury members in Manhattan.
Bitcoin Upside From Fed Decision
The Federal Open Markets Committee (FOMC) announced on Nov. 1 that the central bank would keep interest rates fixed. Powell admitted the move would slow economic growth as the Fed but was necessary to fight inflation.
The decision to keep rates constant saw Treasury yields fall from 4.73% from 5% earlier this week. This reduction means that markets believe that the Fed may be done hiking rates.
A pause could be bullish for Bitcoin and cryptocurrencies, since rate increases have historically coincided with massive declines in the price of Bitcoin. Between March and Decembe
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Author: David Thomas
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