Crypto Prices Consolidate Ahead of Powell – What to Expect
Join Our Telegram channel to stay up to date on breaking news coverage The Federal Open Market Committee (FOMC) meeting is scheduled for November 1-2. The market expects the Federal Reserve to raise interest rates for the fourth consecutive time by 75 basis points . The hawkish stance taken by the Fed this year has caused a plunge in crypto prices , and this week’s announcement could also trigger a bearish sentiment. Crypto consolidates as market ahead of FOMC meeting The core inflation readings in the US have remained higher, and the Fed believes that monetary tightening policies will ease these inflation levels. Most market analysts believe this week’s meeting will yield another 75 basis points hike in interest rates . The Fed has aggressively raised interest rates this year to tame inflation. Investors have been shying away from investing in risk assets such as cryptocurrencies. Bitcoin has dropped by nearly two-thirds since creating an all-time high of over ...