FOMC

Bitcoin

At the time of writing this article, the price of <a href="https://coin-turk.com/celsius-networkten-bitcoin-ve-ethereum-hakkinda-sasirtici-tahminler" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/bitcoin-may-be-repeating-the-terrifying-2015-movement-warns-analyst-benjamin-cowen/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> is at $26,640. An important support level has been lost. Powell maintained his hawkish stance in the latest Fed meeting. The subsequent data, on the other hand, were of the kind that increased the pressure for further tightening. Now, the Fed minutes have been released. So, how will they affect cryptocurrencies?
<h2 style="text-align: justify" id="fed-minutes-have-been-released">Fed Minutes Have Been Released</h2>
The employment data exceeded expectations. The JOLTS and Non-Farm Payrolls negatively affected the crypto. Today, the producer price index is also high, causing Bitcoin miners to start selling. With the sales of miners who are concerned about further losses, we saw that the price of <a href="https://coin-turk.com/unlu-analistten-btc-fiyati-icin-sert-uyari-bitcoin-btc-icin-rekor-dusus-mu-kapida" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/chain-metrics-suggest-the-end-of-the-bear-market-for-bitcoin-striking-data-revealed/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> lost its $26,800 support. The statements made by Fed members for the past two weeks also suggest that there may be more interest rate hikes.
<img decoding="async" class="size-full wp-image-265498 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/FOMC-Tutanaklari.png" alt="" width="802" height="453">
When we put all of this together, it seems that the decision that the Fed will make in its November 1 meeting may be in favor of a 25bp increase. Indeed, according to FedWatch, expectations are shifting towards this direction. The FOMC minutes, on the other hand, contain signals about changes in the Fed’s policies or the possibility of further tightening. That’s why the minutes that came out at the beginning of last year shook the markets.
The main topics highlighted in today’s Fed minutes are as follows:
<ul style="text-align: justify">
 <li style="text-align: justify">Fed minutes have been released</li>
 <li style="text-align: justify">Most participants continue to believe that the future of the economy is highly uncertain.</li>
 <li style="text-align: justify">Participants think that inflation is unacceptably high and that more evidence is needed to ensure that the pressure is decreasing.</li>
 <li style="text-align: justify">Participants believe that below-trend growth and a loosening labor market are necessary to achieve economic balance.</li>
 <li style="text-align: justify">Many participants believe that the scope of further tightening needs to be carefully determined. Participants say that, due to interest rates being at or near their peak, the focus should be on how limited the tightening will be rather than on the rate of increase.</li>
</ul>
The minutes do not provide a clear view on the interest rate ceiling. It can be considered negative for cryptocurrencies. Continue Reading: <a href="https://en.coin-turk.com/how-will-fed-minutes-affect-cryptocurrencies-bitcoin-drops-below-27000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/how-will-fed-minutes-affect-cryptocurrencies-bitcoin-drops-below-27000/</a>

How Will Fed Minutes Affect Cryptocurrencies? Bitcoin Drops Below $27,000

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