Forex
FOMC Rate Hike Looms: Will Bitcoin Take Another Hit?
The Federal Open Market Committee (FOMC) is set to announce its decision on interest rates today at 2:00 PM EDT, with a 92.5% chance of a 25-basis-point hike.
Bitcoin is already under pressure, trading below $75,000 ahead of the announcement.
The Fed's move would increase the federal funds rate from 3.50%-3.75% to 3.75%-4.00%, its first rate hike in three years.
However, traders are not just focused on today's decision, but also watching for clues from Chair Kevin Warsh about future rate hikes.
Warsh's comments will be closely watched for signals that could strengthen the dollar, lift bond yields, and push investors away from riskier assets like Bitcoin.