Bitcoin Rebounds Ahead of Fed Speech and Celsius Refund
The price of Bitcoin has seen a rebound, trading at $26,800 with a 2.73% increase in the past 24 hours. This follows a week of stagnation after Bitcoin fell from above $27,200. However, the rally may face challenges as the Federal Reserve’s speech and Celsius refund loom.
Fed’s Speech on Thursday
Investors are closely watching the upcoming keynote speech by Federal Reserve Chairman Jerome Powell, which will provide insights into the Fed’s economic and monetary policies. Recent Fed news has had little impact on the crypto market, so it is expected that price movements will be muted.
After the hawkish speech at Jackson Hole in August, Bitcoin’s price slightly declined. Similarly, the cryptocurrency remained unaffected by the Fed’s decision to keep interest rates unchanged in September. This suggests that the market may be growing desensitized to changes in interest rates.
The Fed has two more opportunities to raise interest rates this year, and analysts expect at least one more hike. This could have a greater impact on Bitcoin’s price.
Celsius Repayment Plan
Creditors impacted by Celsius Network’s bankruptcy proceedings approved a restructuring plan that involves distributing billions in cryptocurrency. Creditors will receive around $2 billion in Bitcoin and Ethereum, along with equity stakes in a new entity managed by the Fahrenheit Group.
The allocation of such a large cryptocurrency sum could influence investor sentiment and potentially cause market fluctuations. The US Bankruptcy Court for the Southern District of New York will make the final decision on October 2.
Hot Take: Uncertainty Surrounds Market Amidst Fed Speech and Celsius Refund
The cryptocurrency market is facing uncertainty as the Federal Reserve’s speech and Celsius refund approach. While recent Fed news has had little impact on crypto prices, investors will closely monitor Powell’s remarks for any indications of the Fed’s economic policies.
The allocation of billions in cryptocurrency to Celsius Network’s creditors may also affect market sentiment and cause fluctuations. As Bitcoin’s spot exchange trading volumes hit a five-year low, investors seem more interested in long-term holding rather than frequent trading.
With potential liquidity crises and uncertainties in the US treasury market, it remains to be seen how these events will impact the broader cryptocurrency landscape.
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