Bitcoin battles with 24k ahead of FOMC minutes

Quick Take

• Bitcoin fell 2%  on Feb. 22 as markets began anticipating the upcoming FOMC minutes report.
• The FOMC minutes will be released at 2 PM ET.
• It is a transcript of what was discussed at the last fed meeting with all fed members when they raised interest rates by 25 bps.
• It will examine a stronger-than-expected economy and how much interest rates need to rise.
• Fed funds rate current target rate is 4.50 – 4.75%, with a 76% chance of a 25 bps rate hike and a 24% chance of a 50 bps raise at the March meeting.
• As of one month ago, it was a 0% probability of a 50 bps rate hike.

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