{"id":183042,"date":"2023-10-29T02:45:09","date_gmt":"2023-10-28T21:15:09","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=183042"},"modified":"2023-10-29T02:45:09","modified_gmt":"2023-10-28T21:15:09","slug":"how-btc-price-react-to-powell-speech-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/how-btc-price-react-to-powell-speech-crypto-news\/","title":{"rendered":"How BTC Price React To Powell Speech – Crypto News"},"content":{"rendered":"

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Outcome from the U.S. Federal Reserve\u2019s Federal Open Market Committee (FOMC) meeting scheduled for October 31 and November 1, 2023 could likely have a minor impact on the stock prices and the Bitcoin BTC price<\/a>. Yet, it is the subsequent comments on the US economic outlook in Fed Chair Jerome Powell speech that holds key for a potential market moving indication for traders.<\/p>\n

Also Read: Shiba Inu Devs Kick Start Countdown For \u2018Unique SHIB Identity\u2019<\/strong><\/a><\/p>\n

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Fed Rate Hike Unchanged?: What Next<\/h2>\n

While the traders and investors are at this point unanimously confident about a pause in the interest rate hike in the upcoming FOMC meet, it is the possibility of a rate hike in the December 13, 2023 meeting that leaves scope for prior warnings from the Federal Reserve<\/a> officials. In the recent few Fed meetings, the officials ensured that the markets did not get carried away with the softening monetary policy stance. The Fed Chair had warned that a majority of central bank officials feel it appropriate to further raise the rates if needed, while gauging the incoming data on inflation and unemployment.<\/p>\n

Bitcoin Price Reaction<\/h2>\n

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According to respondents on the CME FedWatch Tool, there is hardly any expectation that the Fed will change the Federal target rate at the upcoming FOMC meeting. However, there is a 19.8% probability expectation<\/a> of a 0.25% rate hike from the current range of 550-575 bps. Hence, any signs of rate hike decisions for upcoming meetings in Powell speech could likely trigger a Bitcoin price reaction, as with S&P 500 and Nasdaq Indices.<\/p>\n

Earlier, CoinGape reported<\/a> chances of a potential BTC price rally pause based on important on-chain developments like profit booking by short term Bitcoin holders. It remains to be seen if the top cryptocurrency fails to break resistance around the $35,000 level next week.<\/p>\n

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Also Read: Mike Novogratz\u2019s Galaxy Digital Going Long On Bitcoin And Ethereum: Lookonchain<\/strong><\/a><\/p>\n

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com\/BitcoinReddy or linkedin.com\/in\/anveshreddybtc\/ <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Outcome from the U.S. Federal Reserve\u2019s Federal Open Market Committee (FOMC) meeting scheduled for October 31 and November 1, 2023 could likely have a minor impact on the stock prices and the Bitcoin BTC price. Yet, it is the subsequent comments on the US economic outlook in Fed Chair Jerome Powell speech that holds key […]<\/p>\n","protected":false},"author":2,"featured_media":159604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-183042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=183042"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183042\/revisions"}],"predecessor-version":[{"id":183044,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183042\/revisions\/183044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/159604"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=183042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=183042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=183042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}