Bitcoin Stuck Below $76K as Markets Await Fed Rate Decision
The Bitcoin price hovered near its lowest levels since August 21 as markets waited for the US Federal Reserve's decision on interest rates. The current spot price is below $76,000.
Markets expect a 0.25% rate hike, bringing the federal funds rate to 3.75-4%. The CME Group's FedWatch Tool puts the odds of a rate hike at over 90%, making it a near certainty. According to The Kobeissi Letter, 'if the Fed decided to leave interest rates unchanged today, it would mark the biggest dovish surprise at a scheduled policy meeting since 1994.'
The Federal Reserve's decision is crucial as central banks worldwide face increasing price pressures due to the ongoing war in the Middle East. Oil prices have hit $106.70 per barrel, affecting US Consumer Price Index (CPI) inflation.