Financial Doom Looms as FOMC Meeting May Trigger More Bank Crisis, Will BTC Suffer a Devastating Blow Too?

March 22, 2023

MCP News Free

Financial Doom Looms as FOMC Meeting May Trigger More Bank Crisis, Will BTC Suffer a Devastating Blow Too?

As the US Federal Reserve Commission continues to increase interest rates to combat rises in prices of goods and services draining the pockets of US citizens, there have been direct effects on banks as well as cryptocurrencies over time, also this time, investors, traders, and analysts await the Fed’s decision.

Thus far, there have been several discussions about whether or not the interest rate will be raised again, this is because people think that the US authorities triggered the current bank crisis due to its policies over time.

Also, the US dollar plunged to a five-week low on March 22, coming in just a few days before the FOMC meeting, depicting that investors are waiting for clarity here while seeking Central bank guidance.

According to data, the US dollar index stands at 103.119, a little above the five-week low of 102.99. According to analysts, there is an 85% chance that the Fed will raise the interest rate by 25 basis points as the banking crisis continues.

What About Crypto Market?

As per data by the CoinMarketCap, Bitcoin is up by 2.47% in the past 24 hours as of press time, trading at $28,668.

Also, there has been a boost in the crypto market cap by 3% over the past days and a 0.34% surge in the last 24 hours.

What will be the Fed’s decision in the coming FOMC? Where is your standpoint? Do you think the Fed will slash the interest rate or up the interest rate again? Comment your opinion below this article. You can as well follow our updates on our telegram channels.

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