Bitcoin fails to crack $39K on Wall Street open as markets await Fed inflation decision

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What will happen to Bitcoin when the Fed speaks? Nerves kick in on BTC markets.

An overnight push towards $40,000 hadfor bulls, setting the scene for lackluster performance into the Fed decision.

With inflation running wild, analysts believed that more than a 0.25% rate hike was unlikely due to the need to maintain equilibrium in a market already bloated from liquidity injections and uncertain, thanks to the Russia-Ukraine war. “The bottom line is we will proceed but we will proceed carefully as we learn more about the implications of the Ukraine war,” Fed Chair Jerome PowellBitcoin was characteristically volatile on the shortest timeframes but rangebound on longer ones at the time of writing, this behavior having characterized the largest cryptocurrency on many occasions throughout 2022.

 

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