Bitcoin Sinks Below $27K as Fed, Powell Keep Focus on Inflation

The decision reinforced the central bank's concerns that inflation remained problematic. The FOMC is"strongly committed to returning inflation to our 2% objective," Fed Chair Jerome Powell said following the announcement.Wednesday afternoon, the FOMC also acknowledged this month's near banking meltdown, saying"recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation.

Still, a number of analysts were optimistic about bitcoin's price in the near future, given the bank sector's calamities."Bitcoin, straddling between being the leading risk-on asset and a financial lifeboat in the event of an all-out banking crisis, has benefitted from the recent turmoil and now the prospect that the Fed’s tightening could be over," James Lavish, managing partner at Bitcoin Opportunity Fund, told CoinDesk in an email.

Samir Kerbage, chief investment officer at crypto asset manager Hashdex, told CoinDesk via email that “while this rate hike is anegative for risk assets in general, it is positive for bitcoin and gold as this puts more stress on the banking sector."

_jocelynyang_ Technically, Coindesk never said interest rates being at 0.25 was the reason for the dip. They merely reported that the dip took place AFTER the FEDs actions. 🌚🌚

_jocelynyang_ Wrong reason

_jocelynyang_ how about we erase these last 3 years of growing % and get prices back to normal.

_jocelynyang_ People think the FED news isn’t correlated to the big red btc candle, but believe in a couple lines drawn on a graph… 🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️

_jocelynyang_

_jocelynyang_ Bruh, coin desk is stupid. It dropped cause there's major resistance near the 29k level. There's also major support at the 26k level. Weekly close gonna be important.

_jocelynyang_ web2 iun just clicked, this is the breakout. 10X move as predicted. Still young 🌱. XRP $xrp $btc eth

_jocelynyang_ Yeah, nothing to do with fraudster Tron being sued..

_jocelynyang_ Cause it’s inevitable, they’ve lost the crypto-bank wars - crypto won - and he knows it - the banks are done and crypto stands resilient - terrible play by the US authorities to see crypto as a threat

_jocelynyang_ Good News 😁

_jocelynyang_ That’s not why it dropped. Damn your analysis is awful.

_jocelynyang_ bull run is imminent ... √

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