Bitcoin Price Trends and FOMC Meeting Impact

Why is Bitcoin price falling? How has the price of Bitcoin been trending in recent days? #BTC

Bitcoin is currently priced at $61,640, with a 24-hour trading volume of $105.03 billion. Its market value reaches US$1.20 trillion and its market dominance reaches 52.17%. Bitcoin price fell 5.92% in the past 24 hours.

Bitcoin peaked on March 14, 2024, reaching an all-time high of $73,628. Its lowest recorded price dates back to July 17, 2010, when it traded at an all-time low of $0.05 million.

Its lowest price since the all-time high was $61,040 (cycle low), while its highest price since the previous cycle low was $61,241 (cycle high). Currently, Bitcoin price prediction sentiment is neutral.

From the perspective of supply, the current circulation of Bitcoin is 19.66 million, and the maximum supply is 21 million. Annual supply inflation is 1.77%, resulting in 341,763 BTC being created over the past year.

If the FOMC meeting indicates that Fed officials have revised their inflation outlook due to poor recent data, it could cause market sentiment to shift towards Bitcoin. Specifically, policymakers' decision to lower expectations for multiple interest rate cuts throughout the year may signal that monetary easing will be more cautious. This, in turn, could increase confidence in traditional financial assets and potentially dampen enthusiasm for Bitcoin as a speculative investment.

Additionally, any sign from the Federal Reserve that it intends to maintain higher interest rates to combat inflationary pressures could put downward pressure on Bitcoin prices. Higher interest rates tend to increase borrowing costs and can dampen consumer spending, which could reduce demand for Bitcoin as an alternative investment asset.

Conversely, if the FOMC meeting signals that the Fed is leaning toward cutting interest rates sooner rather than later, it could inject optimism into the market and provide momentum for Bitcoin prices. Lower interest rates, which typically make borrowing cheaper and can stimulate economic activity, may prompt investors to turn to riskier assets such as Bitcoin in search of higher returns.

Overall, the outcome of the FOMC meeting and any signals about the Fed’s stance on inflation and interest rates are likely to affect investor sentiment and, potentially, Bitcoin prices accordingly.Traders and investors will be closely watching the Federal Reserve’s statements and decisions for clues about the future direction of monetary policy and its potential impact on the cryptocurrency market.

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