Looming June FOMC meeting roils Bitcoin market

Quick Take

• The Federal Reserve’s actions, specifically its interest rate decisions, serve as an external catalyst that influences Bitcoin’s price movements, as noted by Swissblock.
• The recent Nasdaq and NVIDIA rallies have not significantly affected the cryptocurrency market, but Swissblock has observed that the fluctuating likelihood of interest rate hikes has impacted Bitcoin’s price movements.
• Recent events related to the U.S. debt ceiling debate have resulted in a higher-than-anticipated target range for interest rates at the upcoming June FOMC meeting.
• However, once the debt ceiling was completed, the likelihood of the 25-basis point rate hike decreased from over 50% to 24%, according to Swissblock.
• With just under ten days to go until the next FOMC meeting, yields on the front end of the curve continue to increase, suggesting further rate hikes.
• The Consumer Price Index (CPI) report, scheduled for release on June 13, could have a significant impact on the FOMC meeting’s rate decision the following day.

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