• BTC price seesaws below $26,000 after CPI release; investors await Fed’s rate hike decision.
• Exchange: Asset freeze to stop Binance US operations; request from SEC to be rejected.
• Traders and investors closely monitoring Bitcoin for potential price predictions and breakout opportunities ahead of upcoming FOMC meeting and Fed Rate announcement.
Overview
The most prominent cryptocurrency, Bitcoin, is currently being closely monitored for potential price predictions and breakout opportunities. The decisions made by the Federal Open Market Committee (FOMC) regarding monetary policy and interest rates can profoundly affect the direction and volatility of Bitcoin and Ethereum. Following the release of May Consumer Price Index (CPI), traders are eagerly awaiting the upcoming Fed Rate announcement which could impact the cryptocurrency market significantly.
Price Impact After CPI Release
Following the release of the May Consumer Price Index (CPI) on Tuesday, Bitcoin experienced a momentary boost as inflation showed signs of decline. The leading cryptocurrency was trading at $26,008, representing a less than 0.50% decrease in the hour following the US Bureau of Labor Statistics announcement. The CPI revealed a 4% increase, which was slightly better than the anticipated 4.1% and lower than April’s 4.9%. As market participants anticipate these crucial updates, focus remains on predicting future price movements for both cryptocurrencies.
Fed Interest Rate Decision
Many people believe that the Federal Reserve won’t raise interest rates this month due to 2024 US presidential election campaign about to begin but many experts think that Central Bank must change its focus from lowering inflation to preventing a recession with current interest rates where they are right now, however higher rates could be final straws in this regard .
Binance US Operations
The US-based cryptocurrency exchange Binance US has asked a federal judge to denythe US Securities and Exchange Commission’s request to freeze its assets Defense lawyers claimed in a court document that corporation couldn’t pay staff salaries or other obligations if it was unable to access held funds while case is pending in court .