- Traders are looking to Jerome Powell’s remarks as a possible market-moving indicator.
- Bitcoin whales have been actively buying up the cryptocurrency in recent days.
The crypto sector may react partially to the results of the Federal Open Market Committee (FOMC) meeting of the U.S. Fed on October 31 and November 1, 2023. Nevertheless, traders are looking to Fed Chair Jerome Powell’s following remarks on the US economic outlook as a possible market-moving indicator.
However, the prospect of a rate rise at the December 13, 2023 meeting allows room for previous warnings from Federal Reserve authorities, even if traders and investors are now overwhelmingly optimistic about a delay in the interest rate hike at the forthcoming FOMC meeting.
High Volatility Expected
In the most recent Fed meetings, policymakers were careful to prevent the market from overreacting to the central bank’s dovish turn. Rates are now in the range of 550-575 basis points (bps).
According to the data available on-chain, Bitcoin whales have been actively buying up the cryptocurrency in recent days, spending over $1 billion for more than 30,000 BTC.
Moreover, crypto expert Ali claims that institutional and “whale” investors’ hunger for Bitcoin has been stoked by the recent flurry of applications for Bitcoin spot ETFs. Also, the leading cryptocurrency is seeing increasing institutional interest, according to data from the blockchain analytics company IntoTheBlock.
Important on-chain occurrences, such as profit booking by short-term Bitcoin investors, were cited earlier as possibly causing a slowdown in the BTC price increase. Whether or if BTC can burst beyond the $35,000 barrier next week remains to be seen.
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