Fed to announce interest rate this week, potential impact on Bitcoin price from $69k level
The pump-and-dump speculations have been started among the Bitcoin & crypto traders, ahead of the Fed interest rate uncertain decision.
The current trade price of Bitcoin (BTC), the top Cryptocurrency by market cap, is $69,589 & this trade price is 14.2% high over the last 30 days.
The Federal Reserve is set to announce its interest rate decision this week, with a 99.4% probability of no change.
However, market attention is primarily focused on the Fed’s assessment of the overall economic situation. Additionally, the United States will release the Consumer Price Index (CPI) and Producer Price Index (PPI) for May.
The exact impact on Bitcoin trading prices is uncertain, unexpected economic trends indicated by the Fed’s analysis or CPI and PPI data could influence investor sentiment across various asset classes, including Bitcoin.
It is worth it to note that three days ago the European Central Bank (ECB) announced a 0.25% interest rate cut, the first since 2019.
Here we also know that several other countries, including Switzerland, Mexico, Brazil, Czech Republic, and Canada, have also implemented rate cuts this year.
On behalf of these factors, speculation among the top Bitcoin analysts suggests that the United States may follow the same suit and it will bring a better situation for the risky money market, including crypto.
Popular Bitcoin analyst Titan of Crypto shared his analysis & predicted that Bitcoin’s $100k level has been programmed, so people should remain bullish under the current scenario.
On June 7, Friday, Bitcoin spot ETFs saw a total net inflow of $131 million. Grayscale’s ETF GBTC experienced a single-day outflow of $36.3411 million, while BlackRock’s ETF IBIT had a single-day inflow of $168 million. The total net asset value of Bitcoin spot ETFs is now $61.104 billion.
Money inflow in the Bitcoin market via spot ETF products is decent & it showing that big investors are bullish on Bitcoin.
Read also: South Korea introduces new laws for Crypto NFT issuers
