Bitcoin Price Falls Below $37,000
If you’ve been keeping an eye on Bitcoin’s price, you’ll know that it has pulled back below that $37,000 mark in the past 24 hours. This happened following the release of minutes from the last Federal Open Market Committee (FOMC) meeting this Tuesday. The IMF shared that inflation had moderated over the past year but current inflation levels remained unacceptably high according to the Committee’s longer-run goal of two percent.
Investors are grappling with the nuances of the wording of the Fed’s minutes. As a result, bitcoin is currently trading for $36,497 at 8:20 a.m. in New York, according to CoinGecko. This represents a low of $35,800 in the hours after the minutes were released.
For altcoins, BNB posted the most dramatic downturn, falling by over 9% in the same time period to $233. The downturn comes amid the changing of the guards at Binance, with Changpeng Zhao stepping down and Richard Teng taking up position as the new CEO. However, ether has held steady above the $2,000 mark, now trading at $2014.
Fed Minutes Reveal Inflation Worries
Tuesday’s FOMC minutes reveal that Federal Reserve policymakers had little appetite for cutting interest rates. They said monetary policy must stay “restrictive” until data shows inflation is on a convincing path to the Fed’s 2% goal, and the minutes did not indicate that Fed officials discussed when they might start lowering rates.
As a result, caution persists in the wider market. Major indices have stayed lower after releasing the minutes from the latest Federal Reserve meeting, with the S&P 500 and Nasdaq ending a five-session winning streak for both of them, and showed Fed officials agreeing to take a cautious approach to raising U.S. interest rates going forward.
Cs://www.bloomberg.com/news/terminal/S2DM1PGETF5Soreferrer.” target=_blank” rel=”noopener”>minutes onCreateOptionsMenu=”5280c8441″> — the first decline in four months. The previous reading showed a 3.7% rise in the 12 months to September.
Hot Take: Crypto Markets React to Fed Minutes
The crypto markets showed a mixed reaction to the Fed minutes, with Bitcoin falling, but Ethereum holding steady. Caution is still expected due to the lingering worries over inflation, keeping crypto investors on edge while waiting for further guidance from the Fed.
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