Will the FOMC meeting instigate volatility in the Bitcoin market?
The Federal Reserve of the United States has been prepping for the Federal Open Market Committee or the FOMC meeting for quite some time now. The meeting is scheduled to be held later today. During this meeting, analysts expect to witness an interest rate hike of 75 basis points [BPS] or 0.75 percent. The chances of a lower hike than 75bps were highly unlikely. According to Arcane Research, only 14% of the probability was leaning toward a 50bps hike while 86 percent predicted a 75bps hike. With 75bps as the most likely outcome of the FOMC meeting, volatility was bound to follow. Volatility has witnessed a spike amidst FOMC meetings. Veering back to September, during the meeting, Bitcoin [BTC] witnessed price changes of around 0.81 percent. But previous changes in price during the FOMC meetings were limited to 0.18 percent. Therefore, speculations about possible fluctuations in the price of Bitcoin were foreseen. Source Here’s what happened post-FOMC in September As p...