CandleFocus

Bitfinex: the impact of the FED on the price of Bitcoin and crypto

Author: Content Editor
According to Jag Kooner, head of derivatives at Bitfinex, the upcoming FOMC meeting of the Federal Reserve will have a significant impact on the crypto markets. The meeting will determine the next maneuver regarding interest rates, and there is a probability of a moderate 25 basis point cut. The release of the "non-farm payrolls" report, which will indicate the state of the U.S. labor market, will play a key role in shaping the economic policies of the nation. Strong employment in the United States could lead to a less expansive monetary policy, while a weaker report could result in a 25 basis point cut. Bitcoin, however, seems unaffected by the potential interest rate cuts and continues to reach new records. The FED's decisions will determine the short-term trend of risk-on assets, but for now, there are no signals of a drop in prices or weakness in the crypto market. Additionally, it is worth noting that Jerome Powell, the head of the FED, unexpectedly praised Bitcoin in a recent interview, stating it competes as a digital alternative to gold.

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