Bitcoin Bullish as Fed Outlook Remains Uncertain

Bitcoin Bullish as Fed Outlook Remains Uncertain

Federal Open Market Committee officials expressed uncertainty over further interest rate hikes, with concerns around the debt ceiling crisis and significant disruptions expected, while the crypto market remained largely unaffected by the May Fed meeting minutes release.

Cryptocurrency Market News: Officials at the Federal Open Market Committee (FOMC) saw an uncertain environment over further interest price hikes at the May Fed meeting, the meeting minutes stated on Wednesday. Amid the concerns around the debt ceiling crisis, the committee felt there may be a need for further tightening of financial conditions, while whole lot of disruptions were stated to be expected. In the meantime, the cryptocurrency market did not show any whole lot of changes to the Fed meeting minutes release.

In this context, there is no commitment from the  United States Government about its intentions to avoid the debt default. Nonetheless, top Republican Kevin McCarthy on Wednesday affirmed his confidence that getting a deal was possible regardless of a halt in top level talks since his Monday meeting with President Joe Biden.

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Unanimous Decision To Raise Prices In May Meeting

The Fed minutes showed that there was a widespread consensus in the board about raising interest prices. Nonetheless, the committee felt there was many of uncertainty about price hikes in further meetings. Hence, the FOMC said it would continue to monitor the implications of incoming information for the economic outlook.

“(The committee) would be prepared to adjust the stance of monetary policy as appropriate if dangers emerge that could impede the attainment of the committee’s goals.”

This could mean a positive  tendency environment for Bitcoin (BTC) price as uncertainty in the macroeconomic space triggers vulnerabilities in the short term.

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