Bitcoin and other cryptocurrencies ticked higher Wednesday as investors awaited the latest Federal Reserve decision, which will be a test of the extent to which macroeconomic catalysts still matter to crypto traders.
“Recent price movements indicate that investors are growing more optimistic about Bitcoin,” said Konstantin Shulga, co-founder of trading firm Finery Markets. “Looking ahead, volatility indicators suggest that funds betting on Bitcoin’s price movement may be becoming less confident, indicating a possible cooling of sentiment. Even if we assume that we are witnessing a strong upward trajectory, it is not unusual to anticipate a minor pullback in the market.
The prevalence of this crypto-native catalyst and Bitcoin’s decoupling from stocks make the Federal Reserve decision Wednesday on monetary policy particularly interesting. The Dow Jones Industrial Average and S&P 500 are likely to move on the back of the decision, and Bitcoin would, typically, follow as well.
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