The price trend for Bitcoin seems to be moving with the set rates of the US Federal Reserve. BTC plunged shortly after the Federal Reserve’s July meeting. However, from the minutes released on Wednesday, August 17, policymakers had discussed more interest rate hikes to fight inflation. They deliberated on the need for checkmate borrowing costs by increasing rates which could restrict the country’s economic growth. By that, they could have the required time and influence in controlling potential inflation. Related Reading: TA: Ethereum Could Take Hit As The Bulls Show Weak Hands It’s not surprising to see the recent performance of cryptocurrency following the news of the Fed’s plans. The assets are pretty sensitive to such changes. For instance, the market saw crypto value halving as the central bank implemented its tightening cycle in March. BTC price data showed a drop of about 2%. This dip went below its high performance from the lows of both July 15 and July 26. With the dramatic appearance of the bears in the BTC market, deliberations are high on different platforms about a possible sell-off. The crypto market has become more vulnerable to the possibility of a further increase in rates and the US restrictive policy. As a result, there could be more spikes of volatility which could confuse the crypto market. Furthermore, the move acts against the current market pricing and anticipation for more cuts in the interest rates in...
