Bitcoin price hovers just above $29,000 ahead of expected rate hikes

Bitcoin was mostly flat on Tuesday, trading just above $29,000 ahead of expected interest rate hikes later this week.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Bitcoin was mostly flat on Tuesday, trading just above $29,000 as on-chain data suggests longer-term holders are moving coins to cold storage.

The report's authors said the decline in exchange reserves is positive for bitcoin's price as more investors indicate the desire to accumulate rather than trade. Bitcoin miners, meanwhile, have increased reserves on their affiliated wallets by around 2,000 coins in the same period. Both metrics indicate liquid bitcoin supply is shrinking as more coins are being stowed away in cold storage wallets.will announce its next rate decision, with analysts expecting a hike of 25 basis points to bring its target range to 5.25-5.50%. On Thursday, the ECB is expected to raise rates by 25 basis points to 4.25%.

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