Reserve

Bitcoin

<h2 id="quick-take">Quick Take</h2>
<p>In accordance with market expectations, the Federal Reserve maintained a steady stance in its recent meeting, holding the federal funds rate constant between 5.25 and 5.50. A significant takeaway from this meeting is the indication of the monetary policy’s direction for the near future. With one more Fed meeting scheduled for 2023, the odds currently suggest a 73% probability of maintaining the status quo. The first rate cut, as indicated by these trends, may not occur until June 2024.</p>
<p>Interestingly, amidst these developments, Bitcoin’s performance remained stable, managing to maintain a position above the $34,000 mark. This indicates that despite alterations in traditional financial policy, the cryptocurrency’s value remains unaffected, thus demonstrating a degree of resilience.</p>
<table border="1">
 <thead>
  <tr>
   <th colspan="10">CME FEDWATCH TOOL – MEETING PROBABILITIES</th>
  </tr>
  <tr>
   <th>MEETING DATE</th>
   <th>350-375</th>
   <th>375-400</th>
   <th>400-425</th>
   <th>425-450</th>
   <th>450-475</th>
   <th>475-500</th>
   <th>500-525</th>
   <th>525-550</th>
   <th>575-600</th>
   <th>600-625</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>01/11/2023</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>97.1%</td>
   <td>2.9%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
  </tr>
  <tr>
   <td>13/12/2023</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>73.2%</td>
   <td>26.1%</td>
   <td>0.7%</td>
   <td>0.0%</td>
   <td>0.0%</td>
  </tr>
  <tr>
   <td>31/01/2024</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>62.6%</td>
   <td>32.9%</td>
   <td>4.4%</td>
   <td>0.1%</td>
   <td></td>
  </tr>
  <tr>
   <td>20/03/2024</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>8.1%</td>
   <td>58.7%</td>
   <td>29.3%</td>
   <td>3.8%</td>
   <td>0.1%</td>
  </tr>
  <tr>
   <td>01/05/2024</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>3.2%</td>
   <td>27.9%</td>
   <td>47.2%</td>
   <td>19.3%</td>
   <td>2.4%</td>
   <td>0.1%</td>
  </tr>
  <tr>
   <td>12/06/2024</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>1.4%</td>
   <td>1.4%</td>
   <td>36.4%</td>
   <td>34.9%</td>
   <td>11.8%</td>
   <td>13.3%</td>
   <td></td>
  </tr>
  <tr>
   <td>31/07/2024</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>0.8%</td>
   <td>8.4%</td>
   <td>26.3%</td>
   <td>35.6%</td>
   <td>22.2%</td>
   <td>6.1%</td>
   <td>0.6%</td>
   <td></td>
  </tr>
  <tr>
   <td>18/09/2024</td>
   <td>0.0%</td>
   <td>0.0%</td>
   <td>4.9%</td>
   <td>18.2%</td>
   <td>31.4%</td>
   <td>28.2%</td>
   <td>13.4%</td>
   <td>3.8%</td>
   <td>0.3%</td>
   <td></td>
  </tr>
  <tr>
   <td>07/11/2024</td>
   <td>0.0%</td>
   <td>2.5%</td>
   <td>10.9%</td>
   <td>24.2%</td>
   <td>30.0%</td>
   <td>21.5%</td>
   <td>8.7%</td>
   <td>1.8%</td>
   <td>0.2%</td>
   <td>0.2%</td>
  </tr>
  <tr>
   <td>18/12/2024</td>
   <td>0.1%</td>
   <td>1.6%</td>
   <td>7.7%</td>
   <td>19.1%</td>
   <td>27.8%</td>
   <td>24.8%</td>
   <td>13.6%</td>
   <td>4.5%</td>
   <td>0.8%</td>
   <td>0.1%</td>
  </tr>
 </tbody>
</table>
<p style="text-align: center; font-size: small;">Source: CME Group</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/bitcoin-remains-above-34000-as-fed-keeps-rates-steady/">Bitcoin remains above $34,000 as Fed keeps rates steady</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Bitcoin remains above $34,000 as Fed keeps rates steady

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