The digital asset market is facing a short-term correction, as the price of Bitcoin has not yet reflected the Fed’s intention to postpone the rate cut. About it The Block said Bitfinex Head of Derivatives Jug Kooner.
“The cryptocurrency market could fall in the short term if market expectations for a key rate cut continue to remain high and the next Fed meeting leads to a pause on this issue,” he explained.
On February 4, Fed Chairman Jerome Powell, in an interview with 60 Minutes, ruled out an early rate cut in 2024, despite market expectations for this event in March. He called it “unlikely.”
“We said that we want to make sure that inflation is reduced to 2%. It is unlikely that the committee will reach the required level of confidence by the March meeting, which will take place in seven weeks,” Powell said.
Let us remind you that at the meeting on January 31, the Fed kept the key rate range at 5.25–5.5% per annum.
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2024-02-07 17:18:18
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