Cryptocurrencies await FED decision
The crypto money market, which has been moving in the narrow band range for the last 10 days, is waiting for the FED meeting to be held tonight and the policy rate decision to be announced.
Tensions are low in cryptocurrencies before the FED meeting. Bitcoin, which has been experiencing voluminous rises throughout January and generally seeing high bands during the day, has been stagnant for a while and started the new day at the $23,000 limit. The crypto money market, where bears and bulls have been fighting in a very narrow band range in the last 10 days, except Sunday and Monday, began to wait for the FED. With the decision to be announced tonight at 22:00 and the press conference that will take place, the market may seek a new direction.
Cryptocurrencies await FED decision
The FED is expected to increase the policy rate by 25 basis points from 425-450 basis points to 450-475 basis points. The expectation that the FED, which increased by 50 basis points in the previous meeting, in December, will reduce the rate of increase to 25 basis points at this meeting, has been the main factor affecting the markets positively for a while. At the first moment after the decision, movement can be observed in Bitcoin. Then we can see a new trend and cycle in Bitcoin. The main expectation tonight will be Powell's directions. In particular, potential answers to the questions of what can be done in March and where the FED will end the interest rate cycle will be the focus of the market.
The unexpectedly low US cost of employment data in global markets yesterday strengthened the expectation that the FED's tightening policy has come to an end, and purchases were seen in US indices. The US stock markets, which were primed by 1% to 1.5%, thus turned their attention to the FED.
The crypto money market, which started January with a market value of $ 800 billion, is at the level of $ 1 trillion 50 billion as of February 1. An increase of 250 billion dollars in 1 month reflects positively on the market. Daily volume is at the level of 46 billion dollars. Bitcoin dominance has started the day at 44.55 and Ethereum dominance at 19.3 levels.
