Bitcoin Price Prediction: Market Reacts to FOMC Meeting, El Salvador Bond & Google’s New Ad Policy
In the dynamic world of cryptocurrency, Bitcoin (BTC) is experiencing subtle yet noticeable fluctuations, trading at $41,457 with over 0.50% rise as of Tuesday. Market sentiments are heavily influenced by key economic events and policy changes. As the Federal Open Market Committee (FOMC) meeting approaches, noted Fed observer Jim Grant anticipates long-term high rates, casting a significant impact on Bitcoin’s valuation.
Meanwhile, the crypto community is closely watching the anticipated regulatory approval of El Salvador’s pioneering Volcano Bond, expected in the first quarter of this year.
Adding to the mix, Google’s recent revision of its advertising guidelines, which now accommodates coin trust advertisements for cryptocurrencies, especially spot Bitcoin Exchange-Traded Funds (ETFs), marks a pivotal moment for the digital currency’s mainstream acceptance and visibility.
These developments collectively shape the current and future landscape of Bitcoin’s market trajectory.
Market players—traders and investors alike—are keeping a close eye on the Federal Open Market Committee (FOMC) meeting scheduled for December 13, 2023. Speculation is rife regarding whether Fed Chair Jerome Powell will maintain the benchmark interest rate at its current high level. Remarkably, financial guru Jim Grant, well-known for his four decades of work with Grant’s Interest Rate Observer, forecasts a prolonged period of high interest rates following the FOMC meeting.
The federal funds rate, crucial for banking operations and central bank policy, is currently at its highest level in 22 years, ranging from 5.25% to 5.50%. Although market expectations suggest no rate hike at this meeting—with CME’s Fedwatch Tool indicating only a 2.9% chance—some
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