{"id":402838,"date":"2019-10-30T13:00:19","date_gmt":"2019-10-30T13:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=402838"},"modified":"2024-06-11T08:04:57","modified_gmt":"2024-06-11T08:04:57","slug":"bitcoin-calm-ahead-of-federal-reserves-rate-cut-verdict","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-calm-ahead-of-federal-reserves-rate-cut-verdict\/","title":{"rendered":"Bitcoin Calm ahead of Federal Reserve’s Rate Cut Verdict"},"content":{"rendered":"

Bitcoin held to a stable range as investors wait for the Federal Reserve to take a final call on introducing another interest rate cut.<\/p>\n

The benchmark cryptocurrency was trading at $9,171.54 as of 10:13 UTC, down 2.75 percent from the market open. At its session high, bitcoin attracted a bid of $9,431.36 on the San Francisco-based Coinbase cryptocurrency exchange. That was still more than 10 percent lower than bitcoin’s weekend high of $10,540.59, showing that the market \u2013 at best \u2013 has digested the bullish sentiments arising from China’s President Xi Jinping’s encouraging comments on the blockchain technology<\/a> last Friday.<\/p>\n

\"bitcoin,<\/a>
Bitcoin steady after weekend’s supersonic rally | Image credits: TradingView.com<\/figcaption><\/figure>\n

Bitcoin is now waiting for more upside factors, one of them being the Federal Reserve’s call on whether or not it should introduce more rate cuts.<\/p>\n

95% of Economists Predict Rate Cut<\/h2>\n

The US central bank will likely introduce a third consecutive rate cut after concluding today’s Federal Open Market Committee’s meeting, says 95 percent of the economists surveyed by Bloomberg. The sentiments predict a 25bps slashing in the benchmark lending rates, with a focus on similar moves by the Fed before December 31.<\/p>\n

The S&P 500 index on Tuesday turned back from its record highs and closed 0.1 lower. The US Dollar Index also dropped 0.06 percent on Wednesday and yield on the 10-year US Treasury Bond also fell 0.38 percent to 1.834. Bitcoin, on the other hand, showed an interim correlation with the equity market, looking similarly steadier as investors expected a rate cut from the Fed.<\/p>\n

\n

Tomorrow, the Fed will:<\/p>\n

– Buy ~$2bn of T-bills permanently
– Buy up to $120bn of Treasuries & MBS overnight
– Cut the Fed Funds Rate 25bps for the 3rd consecutive time<\/p>\n

Bitcoin is a non-sovereign, hardcapped supply, global, immutable, decentralized, digital store of value.<\/p>\n

— Travis Kling (@Travis_Kling) October 30, 2019<\/a><\/p><\/blockquote>\n