First Mover Americas: Luna Foundation Guard Is Back Buying Bitcoin, Fed Minutes on Deck

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bitcoin's recent decline has extended to nearly 10% to $44.5K alongside surging interest rates. federalreserve minutes are on tap later today. godbole17 reports in this morning's First Mover Americas.

The foundation snapped up more than 5,000 BTC worth $230 million early Wednesday. That's more than software company MicroStrategy'sas the uptick in the U.S. government bond yields triggered a renewed aversion to risky assets.

Crypto Twitter is optimistic that LFG's continued purchases to build a $10 billion bitcoin reserve eventually will help the cryptocurrency decouple from traditional markets this time around. That belief perhaps stems from LFG buying bitcoin in large quantities compared with MicroStrategy's purchases. Only time will tell if LFG saves bitcoin from the macro conditions., bitcoin's next leg higher would resume once the real or inflation-adjusted yields stop rising. The U.S.

The Fed is scheduled to release the minutes of its March policy meeting on Wednesday. The CME Group's FedWatch Tool points to a greater than 70% probability of a 50 basis points rate hike in May. The central bank raised rates by a quarter percentage point last month. "Now risk aversion is gradually rising, and the dollar index has reached its year-to-date highest level," Griffin Ardern, a volatility trader from crypto-asset management company Blofin, said."The liquidity contraction may be accelerating. At 2 p.m. ET, details of the March FOMC meeting will be announced."that"in case the minutes show that policymakers considered a bigger rate increase but ended up voting for a 25 bps one to avoid a big market reaction, U.S.

Source: Digital Coin News (digitalcoinnews.net)

 

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