As the leading cryptocurrency Bitcoin exceeds $ 65,000 during the day and approaches its ATH of $ 69,000, investors are wondering whether the rise in Bitcoin will continue.
While it was evaluated that the FED’s interest rate cut would also be effective in the rise of BTC, all eyes turned to the speech by FED Chairman Jerome Powell.
At this point, FED Chairman Jerome Powell will speak to the US House of Representatives Financial Services Committee on Wednesday and to the US Senate Banking Committee on Thursday.
Stating that the FED is expected to continue its “wait and see” strategy, analysts said that the FED will act according to the data and that the verbal guidance of Powell and FED officials this week will also be important.
Considering the core PCE data released last week in the USA, which indicates that inflation pressures are still alive, FED Chairman Powell is expected to once again and more strongly emphasize the message that they will not be hasty in interest rate cuts in his speeches this week.
According to CME Group’s FED Watch tool, the first interest rate cut is priced at 25.7% in May and 54.3% in June.
Some Bloomberg Economics analysts stated that they expected Powell to take a hawkish stance.
Analysts say, “We expect FED Chairman Powell to say that they will not be hasty in interest rate cuts in his speeches this week. If the FED’s lack of haste in interest rate cuts leads to tighter financial conditions, the pressure on the economy will continue.” said.
While the interest rate decision of the FED in March, which left the interest rates constant in January, is awaited, the interest rates are expected to remain constant at 73.6% and a 25% discount is priced at 25%.
*This is not investment advice.