The Bitcoin and crypto markets are up today, despite the fact that the initial reaction to yesterday’s FOMC of the US Federal Reserve (Fed) was rather bearish. During the meeting, the Bitcoin price dropped from $28,800 to $28,250 as the market reacted to the extremely hawkish comments made by Jerome Powell.
The Fed Chairman avoided confirming that yesterday’s rate hike was the last one in this cycle, despite multiple requests from journalists. He also stressed that there is no room for rate cuts this year in the Fed’s current scenarios. On the other hand, in its rate hike statement, the Fed omitted the earlier remarks that announced further hikes.
Bullish https://t.co/k4DiOUwl2T
— Jake Simmons (@realJakeSimmons) May 3, 2023
Why Is Bitcoin And Crypto Up Today?
The fact that Bitcoin and the broader crypto market are rising today is likely due to the fact that despite all of Powell’s efforts, the market is expecting a pivot, that is, a pause in rate hikes at the next FOMC meet
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