- At the time of writing, Bitcoin is trading at $57,289, down 7.52% in the last 24 hours.
- Some Fed members have even broached the subject of a rate rise rather than a reduction.
The third meeting of the Federal Open Market Committee (FOMC) for 2024 is already underway, and it will have a major impact on the American economy. Today, May 1, at 2 PM European Time (11:30 PM Indian Standard Time), the meeting that began on Tuesday, April 30, is expected to end, which might indicate a shift in the country’s economic trajectory.
The event is adding intrigue to the two that have previously taken place in 2024. The two-day meeting has caused a great deal of conjecture, with the market expecting very little in the way of interest rate reduction. At the time already specified, Federal Reserve Chair Jerome Powell is expected to reveal the meeting’s outcomes.
Significant Impact
Bitcoin and most altcoins have fallen sharply during the last day, seemingly due to a setback in the market that began with the FOMC meeting. There is a lot of selling pressure on Bitcoin and the whole cryptocurrency market just before the FOMC meeting ends. At the time of writing, Bitcoin is trading at $57,289, down 7.52% in the last 24 hours as per data from CMC.
Since the start of the year, market expectations for rate cuts have significantly decreased, marking a substantial change. Initial talk in January centered on a hypothetical situation with six rate cuts. Current expectations, however, are for a single rate decrease before the end of the year.
There is still no consensus among the biggest Wall Street behemoths as to when the Fed would implement its initial rate decreases. Adding another layer of complexity to the ever-changing economic scene, some Fed members have even broached the subject of a rate rise rather than a reduction.
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