The Federal Open Market Committee meeting will be held on Wednesday at 18:00 UTC.
Bitcoin (BTC) soared over 1.5% in the last 24 hours.
This year, the price of Bitcoin (BTC), the largest cryptocurrency in the world by market cap, has surged more than 73%. The Bitcoin price rally resulted from the ongoing banking crisis and macroeconomic concerns in the US. Also, the upcoming Federal Open Market Committee (FOMC) meeting is expected to have a positive outcome for the cryptocurrency market.
The Fed will make its interest rate decision public on Wednesday at 18:00 UTC. Federal Reserve Chairman Jerome Powell will speak at the post-meeting press conference 30 minutes later.
The Fed Committee will discuss the best way to accomplish the central bank’s longer-term objective of bringing inflation down to its target rate of 13.3%. Further, some analysts believe that the rally may hit a temporary bump if Fed Chairman Powell chooses not to announce the highly anticipated pause in the tightening
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