What In Fed Chair Powell Speech Could Spur Bitcoin Price Rally?

Also Read: Binance Looks To Deregister As Crypto Service Provider In Cyprus

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Yet, market participants could likely look closely for hints on what lies ahead, as against the current interest rate hike decision, assuming there will be a Fed pause. Encouraging statements in Jerome Powell speech could lay a foundational rally for weeks ahead, as fears of global market concerns still remain. Powell speech will begin at 2.30 pm eastern standard time.

Deutsche Bank Predicts Big Reaction From Powell press conference

While the CME FedWatch Tool shows a 97.7% probability of a Fed pause, it is the forecast about conditions in the upcoming FOMC meetings that could have a big impact following the announcement, Deutsche Bank said. Although the bank did not specify Bitcoin price or Crypto Markets particularly, previous FOMC meetings showed an immediate ripple effect from financial markets to the Crypto Market. The bank noted,

“Market pricing is currently pointing towards just one more rate hike in July, so any indication there’ll be more (or less) than that could lead to a big reaction.”

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The S&P 500 Index is having a largely sideways movement on Wednesday, which is also reflecting on Bitcoin price.

Also Read: Terra Classic Biggest v2.1.1 Parity Upgrade Goes Live, LUNC Price Rally 8%

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