Yesterday’s FOMC meeting of the U.S. Federal Reserve (FED) brought less volatility to the Bitcoin market than many experts had expected. The Bitcoin price moved in a narrow range during and after the meeting.
Ultimately, the Fed raised interest rates by 75 basis points, as expected. The FOMC statement said the Fed would “take into account cumulative tightening and lags.”
As a result, markets reacted very dovish until 30 minutes later when the Powell press conference began. First, DXY tanked after the FOMC statement and risk assets such as the S&P500 and Bitcoin saw a sharp incline in price. However, this was not to last.
During Powell’s speech, there was a major shift in sentiment that flipped the market. DXY pumped above 112 points, leading to a price decline for risk assets.
The highly anticipated speech was, all in all, pretty vacuous….
