FOMC

Bitcoin

Read

The global crypto market and the leading cryptocurrency, Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), registered a slight decline as the U.S. Consumer Price Index (<a href="https://crypto.news/us-cpi-data-adds-bullish-pressure-to-bitcoin-price-action/">CPI</a>) data exceeded expectations. 
According to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html" target="_blank" rel="noopener">data</a> from the CME Group, the CPI annual rate dropped from 3.4% to 3.1% while the expected rate was 2.9%. As the inflation rate outmatched the expectations, the Federal Open Market Committee (FOMC) did not change the interest rates — currently at 5.25% to 5.50%. 
The next FOMC meeting is expected to take place on March 20 and data from the CME Group suggests that the probability of not changing the interest rates has risen to 89.5% while the remaining 10.5% believe the committee would ease the interest rates. 
 You might also like: <a href="https://crypto.news/banxa-uk-crypto-register-binance-okx/"> Banxa joins UK crypto register to support Binance, OKX </a> 
The crypto market showed bearish sentiment toward the unchanged interest rate. According to data provided by CoinGecko, the global crypto market capitalization <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="noopener">declined</a> by 0.3% in the past 24 hours and is currently standing at $1.95 trillion. 
Moreover, Bitcoin also registered a 0.8% fall over the past day and is trading at $49,600 at the time of writing. The daily trading volume of BTC plunged by 13%, currently hovering around $34 billion. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/02/Bitcoin-BTC-11.31.05-14-Feb-2024-1024x347.png" alt="Crypto market, Bitcoin go bearish following US CPI report - 14" class="wp-image-14248256">
 <figcaption class="wp-element-caption">
 BTC price, open interest and funding rate – Feb. 14 | Source: Santiment
 </figcaption>
</figure> 
Notably, the flagship crypto asset recorded an intraday low of $48,470 a few hours after the <a href="https://crypto.news/bitcoin-etf-cpi-inflation-dominate-crypto-discourse/">CPI</a> report was released. 
According to data provided by Santiment, Bitcoin’s total open interest (OI) declined from $9.9 billion to $9.4 billion, showing a roughly $500 million fall.&nbsp; 
Data from the market intelligence platform shows that the total funding rate aggregated from all exchanges declined from 0.014% to 0.01% following the FOMC meeting. This shows that traders betting for a further price surge have slightly declined as the market sees bearish sentiment. 
Per a crypto.news report on Feb. 13, Bitcoin option trades which will expire on March 29 expect the asset to <a href="https://crypto.news/bitcoin-options-new-all-time-high/">reach new all-time highs</a> — traders are hitting prices of $60,000, $65,000 and even $75,000. 
 Read more: <a href="https://crypto.news/xrp-crypto-rally-resistance-market-surge/"> XRP lags in crypto rally, faces key resistance amid market surge </a>

Crypto market, Bitcoin go bearish following US CPI report

crypto.news

在 2024年2月14日發表的其他文章

Phoenix Group PLC: Expansion and Market Response

Bitcoin bulls fueled by ETFs inflow locks aim at new ATH

Solana Price Prediction: Why Buying SOL Is A Steal As Breakout To $140 Beckons

CME Group Reports Record $1.4 Billion Revenue in Q4 and a $2.37 EPS

Lucid Dreams are Now Possible with AI Technology

Genesis Wins Court Approval to Sell $1.3 Billion in GBTC Shares

訂閱免費電子報，每天收取加密貨幣最新動態！