Tuesday and Wednesday are important days for this bitcoins (BTC) and the entire cryptocurrency industry. Sam Bankman-Fried (SBF), former bankruptcy chief executive, on Tuesday FTP extensionparticipates in the hearing of the United States House of Representatives and testifies about the collapse of his empire.
The Federal Reserve (Fed), the central bank of the United States, is also to announce its monthly consumer price index (CPI) results on Tuesday. The Federal Reserve is due to announce the new US interest rate on Wednesday.
FTX hearing
Last month, it was announced that the US House Financial Services Committee would hold a hearing to investigate the FTX fiasco. The committee had said it expected to hear from interested people and stakeholders, including SBF, Alameda Research and Binance.
SBF had earlier indicated that he might not appear at this hearing, because he would still be busy with “learning and evaluating.” However, Maxine Waters, chair of the Financial Services Committee, had requested that the former FTX CEO be present next Tuesday.
SBF had said in a tweet that it does not yet have access to much data on its companies. According to him, this means that he cannot be as useful as he would like.
1) I still don’t have access to much of my data, professional or personal. So there’s a limit to what I can say, and I won’t be as helpful as I’d like.
But since the commission still thinks it would be helpful, I’m willing to testify on the 13th. https://t.co/KR34BsNaG1
— SBF (@SBF_FTX) December 9, 2022
Hopefully the hearing will bring to the table insight into what went on behind the scenes at FTX that ultimately led to the failure took care.
Important for bitcoin: Federal Reserve decision
The last few months have been dominated by the increase in interest rates and a trend reversal will have to wait a little longer. Inflation data from the US will be released on Tuesday and will have a major impact on Wednesday’s interest rate decision. In the last four meetings, the Fed opted for a 0.75 percentage point rate hike, but a 0.5 percentage point hike is currently expected.
Last month you could enter it Bitcoin News read that the CPI was lower than expected. The bitcoin price and many others cryptocurrencies logically reacted positively to these results. Currently, the bitcoin price has been trading fairly stable around $17,000 for a while, but it looks like it’s about to end soon.
