“While Bitcoin remains steady, Altcoins stir with anticipation as investors eagerly await the outcome of the Fed meeting – will it ignite a new wave of growth for these alternative cryptocurrencies?”
Bitcoin is holding steady at the $34K value region as the Federal meeting approaches. Scheduled for October 31 and November 1, 2023, the Federal Open Market Committee (FOMC) meeting is expected to have an impact on stock and crypto prices. Market players are confident that the Fed will introduce a rate hike ceiling during the meeting, but there are chances of rate increases in the December meeting. Federal officials have previously warned about the possibility of rate surges depending on updated unemployment and inflation data. The PCE data shows weakening inflation as the Federal Reserve continues to tighten, supporting the narrative of a rate ceiling. The FedWatch Tool cancels expectations of a rate shift during the upcoming FOMC conference, but a 0.25% hike is still possible. Powell’s speech regarding the US economic outlook during the meeting could catalyze price reactions in Bitcoin and the cryptocurrency market. Bitcoin has gained over 13% in the last week and more than 20% in October. It remains to be seen how it will interact with the $35K resistance next week.