"Perhaps the price of BTC will go up during the FOMC."
The price of the king of cryptocurrency Bitcoin (BTC) still did not react even though the Chairman of the Federal Reserve (Fed) Jerome Powell said that an increase in interest rates may not be necessary following the pressure faced by the banking sector now.
While at the Thomas Laubach Research Conference with former Fed Chairman Ben Bernanke, Powell's revelation that credit pressures do not require an interest rate hike after this has caused BTC yesterday to reach $27,200 again.
As such pressures could affect economic growth and hiring, the Fed, which wants to tackle inflation, may not raise interest rates higher during the next Federal Open Market Committee (FOMC) meeting, Powell commented.
Therefore, as many as 79% of traders expect the central bank of the United States (US) to temporarily stop raising interest rates during the FOMC in mid-June, while many are of the view that a rate cut will occur at the end of this year.
According to Edward Moya, Oanda's senior market analyst stated that the price of BTC has the potential to climb higher after the debt limit pressure ends while Powell hints at not acting aggressively in their monetary policy.
However, the price of BTC recorded a further decrease of 2.27% at $26,622 in the last 24 hours with a market cap of $515 billion and further plunged 0.71% over the last week.
While the second largest crypto Ethereum (ETH) also slipped around 1.53% at $1,797 but still recorded a 0.10% jump in the past seven days and Ripple (XRP) was down 3.66% at $0.45.
