While everyone is waiting for Federal Open Market Committee [FOMC] Meeting and Jerome Powell’s speech, a bullish cypher pattern currently played out on Bitcoin and most Crypto coins are all in the green, BTC hit an ATH of $24,196 from its $23,000 range early hours of Thursday, signaling a bullish trend on the Cryptocurrency market.
Analysts opines that the inflows of Institutional funds up till the FOMC outcome were some factors which led to the recent spike in trading volumes. However the outcome of FOMC meeting did not affect the over one month bullish chart of Bitcoin, Ethereum and some other fundamental Altcoins.
Just before FOMC meeting, the vix began to trek higher. Then just as Powell took to podium – just like all other times – the jFed or jPan did a swap, and then stonks mooned.
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Before end of after hours, another swap – $DYX is now trading in the 100s and i count 2 other swaps, you have to notice the magnitude of the move on the gold/platinum kludgy inflation marker — USD got weaker, so inflation roared, inflation in USD, made stonks to pump.
The Committee [FOMC] seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent.
The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.
In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.
The implications of the FOMC meeting on the Crypto Industry was not expected to drive the market in reds, as Bitcoins don’t consolidate much with inflation signals, the Federal Reserve raised interest rates by 25bps. This was expected by the market makers and already priced in hence why NASDAQ and crypto is up right now.
FOMC meeting was pretty neutral for me, although Powell mentioning that disinflation is already in motion was bullish for the inflow of Institutional funds into Crypto and the increasing interest on CBDCs from Central Banks and Country’s will pave ways for massive Crypto adoptions in the coming months.
