On July 26, the price of Bitcoin (BTC) fell to a level not seen in more than a week as investor anxiety grew in anticipation of the Federal Reserve raising interest rates.
Bitcoin Slumps
According to TradingView, the leading cryptocurrency is currently trading below $21,000 at $20,955, down 4.26 percent today and a further 7.17 percent over the past week.
As a result, the total market value of the digital asset is currently $400.13 billion. More than a week ago, on July 18, BTC had a market cap of this amount.
Hopes for a long-lasting Bitcoin recovery have been dashed by the dip, which has brought the coin’s trading range back to $19,000 to $22,000.
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It’s interesting to note that cryptocurrency consulting firm Eight Global has a more upbeat outlook for the Federal Open Market Committee (FOMC) meeting on July 27. The website stated that the federal funds rate is significant for cryptocurrency because:
„Kripto je u korelaciji sa berzom, a na berzu utiče stopa federalnih fondova. Rastuće stope štete performansama dionica, dok snižavanje stopa čini dionice interesantnijim kao ulaganje.”
The majority and most likely outcome, according to Eight Global, is a hike of 75 basis points, although the market has already factored this in.
Šta očekivati sutra:
Većina očekuje povećanje od 75 bps i to je najvjerovatniji ishod. Povećanje od 75 bps će imati ili neutralan ili bikovski ishod za dionice i kriptovalute, jer je to cijena u proteklih nekoliko sedmica. pic.twitter.com/MH3Hx8oQ9k
— Osam (@eight_global) Juli 26, 2022
BTC/USD se trguje po 22 hiljada dolara. Izvor: TradingView
With the markets correcting, cryptocurrency trading guru Michal van de Poppe navedeno that he is “looking at a $20.5K-20.7K area to hold for Bitcoin going into FOMC tomorrow.”
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Istaknuta slika sa Shutterstocka, grafikoni sa TradingView.com
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-slips-to-1-week-low-ahead-of-fed-hike-rate-decision/