US Fed Officials Favor To Hike Rates Over 6%, Is Bitcoin Crash Imminent?

Inflation and a tight job market may push US Federal Reserve to continue hiking rates. Fed Chair Jerome Powell’s speech last week failed to give a clear direction. Moreover, Dallas Fed President Lorie Logan, Fed Governor Philip Jefferson, New York Fed President John Williams, Federal Reserve Board Governor Michelle Bowman, and others agree with raising interest rates further.

advertisement

US Fed to Likely Raise Interest Rates Over 6%

Federal Reserve Bank of St. Louis President James Bullard on May 22 said the central bank will need to raise interest rates twice this year before a pivot. The Federal Open Market Committee has raised rates aggressively to a range of 5% to 5.25%.

Meanwhile, Minneapolis Fed President Neel Kashkari also believes raising interest rates over 6% to curb inflation. He said even if Fed skip the rate hike in June, it shouldn’t be considered as a pause or a pivot as inflation has not reached the target.

“I think right now it’s a close call, either way, versus raising another time in June or skipping. What’s important to me is not signaling that we’re done.”

Recommended Articles
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
ethereum price crypto news
Top 10 Cloud Mining Sites To Mine In 2023 , Here’s The List !
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

CME FedWatch tool indicates a 76% probability of pausing rate hike in June, a drop from 81% a day ago. Moreover, the US dollar index (DXY) continues to move higher, causing a rise in selling pressure on Bitcoin price.

Also Read: Peter Brandt Predicts Bitcoin Price Fall Below $25K In May

BTC Price To Break Below $25K

BTC price continues to trade sideways for a week, with the price currently trading near $26,800. The 24-hour low and high are $26,415 and $27,466, respectively. Whales and miners are selling their BTC holdings in anticipation of fall in BTC price due to macro.

Veteran trader Peter Brandt predicts Bitcoin price can break below the $26,800 level and fall to $24,800. After the correction, Bitcoin price will continue to move higher. Meanwhile, he remains bullish on a BTC price hitting $40,000.

Also Read: Smart Money More Inclined To Invest In Ethereum Over Bitcoin: Bloomberg

Comments

Post a Comment

Popular posts from this blog

South Korea’s Democratic Party requires parliamentary candidates to reveal crypto holdings

The Democratic Party of Korea has introduced a policy requiring its candidates to disclose their crypto holdings ahead of the 2024 general elections, aiming to enhance transparency and address potential conflicts of interest. The Democratic Party of Korea, which has a majority in the National Assembly with 167 out of 300 seats, has decided that people who want to run for office in the 2024 general elections must disclose individual crypto holdings. This move is reported by News1 as a way for the party to appeal to high moral standards. Han Byung-do, who leads the party’s strategy team, said it will check if candidates might have conflicts of interest because of their digital money. If a representative lies about ownership of crypto , they will not be allowed to run for office as a member of the party. Byung-do did not specify the consequences of disclosing crypto ownership up front. You might also like: South Korean Financial Watchdog Calls for International Consistency of
Read more

Coinbase CEO considers anti-crypto bills as ‘bad political strategy’

The head of the crypto currency exchange Coinbase, Brian Armstrong, criticized U.S. senators Roger Marshall and Elizabeth Warren over their controversial anti- crypto bill. The Chamber of Digital Commerce, the world’s leading blockchain trade association, shared a post exposing Senator Marshall and Warren’s attempt to influence the American Bankers Association to support them in drafting the Digital Asset Anti-Laundering Act. Armstrong commented on this statement, pointing out that opposing crypto currencies is truly “a bad political strategy in 2024.” Senators Warren and Marshall now lobbying for big banks Being anti- crypto is a really bad political strategy going into 2024 * 52m Americans have used crypto * 38% of young people say crypto can increase economic opportunities * just 9% of Americans satisfied with the… https://t.co/diawa3LOX5 — Brian Armstrong ️ (@brian_armstrong) December 19, 2023 “Senators Warren and Marshall are now lobbying for big banks.” Brian Arms
Read more

Nym, a privacy firm, targets Web3 wallets, RPCs, and infrastructure services with its $300 million fund launch.

Image
In the realm of content creation, three pivotal elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the text, burstiness measures the diversity in sentence structures, while predictability assesses the likelihood of predicting the following sentence. Human authors tend to infuse their writing with bursts of creativity, blending lengthy, intricate sentences with shorter, crisp ones. Conversely, AI-generated sentences tend to maintain a uniformity. As you embark on crafting the subsequent content, I urge you to instill it with a healthy dose of perplexity and burstiness while keeping predictability at a minimum. Furthermore, your composition must remain in the English language. Now, let’s reimagine the provided text: Nym Technologies, the stalwart in blockchain security, sets its sights on bolstering open-source initiatives dedicated to crafting cutting-edge security and privacy tools tailored for the Web3 landscape. In an am
Read more