Bitcoin Slips To 1-Week Low Ahead Of Fed Hike Rate Decision

On July 26, the terms of Bitcoin (BTC) fell to a level not seen successful much than a week arsenic capitalist anxiousness grew successful anticipation of the Federal Reserve raising involvement rates.

Bitcoin Slumps

According to TradingView, the starring cryptocurrency is presently trading beneath $21,000 astatine $20,955, down 4.26 percent contiguous and a further 7.17 percent implicit the past week.

As a result, the full marketplace worth of the integer plus is presently $400.13 billion. More than a week ago, connected July 18, BTC had a marketplace headdress of this amount.

Hopes for a long-lasting Bitcoin betterment person been dashed by the dip, which has brought the coin’s trading scope backmost to $19,000 to $22,000.

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It’s absorbing to enactment that cryptocurrency consulting steadfast Eight Global has a much upbeat outlook for the Federal Open Market Committee (FOMC) gathering connected July 27. The website stated that the national funds complaint is important for cryptocurrency because:

“Crypto is correlated to the banal market, and the banal marketplace is impacted by the national funds rate. Rising rates wounded the show of stocks portion lowering rates marque stocks much absorbing arsenic investment.”

The bulk and astir apt outcome, according to Eight Global, is simply a hike of 75 ground points, though the marketplace has already factored this in.

What to expect tomorrow:

An summation of 75 bps is expected by the bulk and is the astir apt outcome. A 75 bps hike volition either person a neutral oregon bullish result for stocks and crypto, arsenic this has been priced successful during the past weeks. pic.twitter.com/MH3Hx8oQ9k

— Eight (@eight_global) July 26, 2022

BTC/USD trades astatine $22k. Source: TradingView

With the markets correcting, cryptocurrency trading guru Michal van de Poppe stated that helium is “looking astatine a $20.5K-20.7K country to clasp for Bitcoin going into FOMC tomorrow.”

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Featured representation from Shutterstock, charts from TradingView.com