Bitcoin traders eye Fed's Powell as FOMC hikes rates to 22-year highs
Bitcoin (BTC) shifted toward $30,000 on July 26 as the United States Federal Reserve delivered a fresh interest rate hike.
Data from Cointelegraph Markets Pro and TradingView showed BTC price performance strengthening after the Federal Open Market Committee (FOMC) took rates 0.25% higher.
While still fairly quiet, the largest cryptocurrency was still to react to a press conference from Fed Chair Jerome Powell due at 2.30pm Eastern time.
This is traditionally the main cue for risk asset volatility, with markets closely watching Powell’s language for signs of future policy changes.
"25 BPS is baked in so any deviation from that should yield a logical reaction, but #FED Chair #JPow goes out of his way to telegraph intentions and avoid surprises so don't expect any change from the forecast," monitoring resource Material Indicators wrote in a Twitter post before the announcement.
Confirmation of a hike of 25 basis points still brought benchmark interest rates to their highest since 2001.
In an accompanying press release, the FOMC further hinted that should its roadmap toward 2% inflation become hindered, it would be prepared to take additional measures.
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent,” it stated.
The move, while bringing rates to 22-year highs, was nonetheless overwhelmingly priced in across markets, with almost 99% odds that it would go ahead.
Related: Bitcoin gets $28K ‘plunge protection’ with BTC price due new volatility
A look at CME Group’s FedWatch Tool meanwhile showed less certainty that the next FOMC meeting in
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