Bitcoin’s fate hangs in the balance as central banks gear up for anticipated rate hikes.
With the Bank of England and European Central Bank poised to implement rate increases, the crypto market braces for potential negative repercussions.
Analysts warn of Bitcoin’s vulnerability amidst conflicting monetary policies.
Bitcoin faces a pivotal moment as it navigates conflicting monetary policies and fluctuating investor sentiment. This week, the focus is on the UK and Eurozone, where central banks are expected to implement rate hikes that could have broad implications for risk-on investments.
The Bank of England’s monetary policy committee is set to convene on Thursday, with predictions of a rate increase to 4.75% or even 5%. Similarly, the European Central Bank is anticipated to raise rates by 25 basis points on the same day. ECB President Christine Lagarde recently stated that only a significant “material change” would deter the bank from proceeding with the hike.
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