CandleFocus Bitcoin on Edge as Odds of Massive Fed Rate Cut Skyrocket
2024-09-16
Author: Content Editor
The likelihood of a higher rate cut by the Federal Reserve has increased to 55% on Polymarket, a cryptocurrency betting site. The Fed's meeting is set to begin on Tuesday, and while a rate cut would benefit risk-on assets, Bitcoin's price remains bearish. The Fed had previously implemented 11 rate hikes, bringing the interest rate to its highest level in over two decades. Market participants are advised to pay attention to Federal Reserve Chair Jerome Powell's upcoming press conference, as a dovish tone could potentially drive up the price of Bitcoin. Other central bank meetings, including the Bank of Japan's rate decision, are scheduled for this week.
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