|
|
"Federal Reserve News Sparks Bitcoin Price Drop to $26,000 Within a Week
Despite the Federal Reserve keeping interest rates unchanged, Bitcoin's price remained weak on September 25th.
Concerns are growing about whether the Federal Reserve's policies will affect Bitcoin prices. On September 21st, Federal Reserve officials decided to keep interest rates unchanged. However, forecasts released by the Federal Reserve after the meeting indicated that most officials lean towards raising rates again in 2023. As a result, Bitcoin's price has dropped by 4.25% since then.
Recent data suggests that rising interest rates have had a detrimental impact on non-yield assets like Bitcoin, increasing investor interest in safer assets like the US dollar.
Therefore, as of September 2022, the 20-day average correlation coefficient between Bitcoin and the US Dollar Index (DXY) has dropped to -0.73, indicating a strengthening inverse relationship.
""On the other hand, bullish investors are hopeful that the US Securities and Exchange Commission (SEC) may approve spot Bitcoin exchange-traded funds (ETFs) in October. The main argument is that the approval of the first gold ETF in 2003 led to a more than 300% increase in gold prices over the following years.""" |
|
Post time 29-9-2023 22:18:35
