Bitcoin News - S&P 500 | FOMC Minutes (23 Feb 2023)
Bitcoin Decoupled from S&P 500
During the past few days, Bitcoin had been driving the optimistic sentiment surrounding cryptocurrencies. Its correlation with the S&P 500 decreased as a result of its recent bullish surge. Also, there has always been discussion regarding the potential role of Bitcoin as an inflation hedge. When Bitcoin separated from the S&P 500, this argument acquired more support.
The sentiment towards the bitcoin (BTC) currency also improved as BTC's prices rose.
It was noted that the weighted sentiment for Bitcoin grew, as per the statistics given by Santiment. This implied that there were more favourable comments regarding Bitcoin from members of the crypto community than negative ones.
FOMC Minutes Fueled DXY Index
Following the Fed meeting, crypto markets are settling. To slow inflation, the FOMC raised interest rates by 25 basis points. This choice gave the price of bitcoin a small boost.
Following the FOMC meeting, the price of BTC surged as a result of the markets' favourable response to the decision to hike interest rates by 25 basis points. The BTC price rose from lower support and trading at $24,390 at time of writing but it’s now facing some bearish challenges just above average levels.
If the Bitcoin price rebounds after gaining enough bullish momentum, then a notable rise may be expected towards the highs beyond $25,000 according to coinpedia.
Topic: Bitcoin Update - BTC Price, Trading, Collaboration and FOMC News (Read 428 times)