Crypto
Fed Rate Hike Looming, Bitcoin Price Tumbles Below $77K
Bitcoin's price has dropped below $77,000 ahead of the Federal Reserve's rate decision on Wednesday. The CME FedWatch tool shows a 92% chance of a quarter-point hike, which would be the first since July 2023.
Tom Lee and Michael van de Poppe are among those who disagree with a potential rate hike. According to Van de Poppe, 'no matter what, markets will likely be on the rise.' He predicts that if Bitcoin reclaims $78,000, it could open a move between $90,000 and $92,000 over the coming weeks.
The Fed's last rate hike was in July 2023, when rates were raised from 5.25% to 5.50%. Bitcoin held around $29,000 after that decision.