{"id":529806,"date":"2023-05-04T08:35:34","date_gmt":"2023-05-04T08:35:34","guid":{"rendered":"https:\/\/wncen.com\/?p=529806"},"modified":"2024-06-11T08:50:52","modified_gmt":"2024-06-11T08:50:52","slug":"why-is-bitcoin-and-crypto-up-today","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-is-bitcoin-and-crypto-up-today\/","title":{"rendered":"Why Is Bitcoin And Crypto Up Today?"},"content":{"rendered":"<p>The Bitcoin and crypto markets are up today, despite the fact that the initial reaction to yesterday&#8217;s FOMC of the US Federal Reserve (Fed) was rather bearish. During the meeting, the Bitcoin price dropped from $28,800 to $28,250 as the market reacted to the extremely hawkish comments made by Jerome Powell.<\/p>\n<p>The Fed Chairman avoided confirming that yesterday&#8217;s rate hike was the last one in this cycle, despite multiple requests from journalists. He also stressed that there is no room for rate cuts this year in the Fed&#8217;s current scenarios. On the other hand, in its rate hike statement, the Fed omitted the earlier remarks that announced further hikes.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bullish \ud83d\udc47 <a href=\"https:\/\/t.co\/k4DiOUwl2T\" rel=\"nofollow\">https:\/\/t.co\/k4DiOUwl2T<\/a><\/p>\n<p>&mdash; Jake Simmons (@realJakeSimmons) <a href=\"https:\/\/twitter.com\/realJakeSimmons\/status\/60111104?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Why Is Bitcoin And Crypto Up Today?<\/h2>\n<p>The fact that Bitcoin and the broader crypto market are rising today is likely due to the fact that despite all of Powell&#8217;s efforts, the market is expecting a pivot, that is, a pause in rate hikes at the next FOMC meeting on June 14.<\/p>\n<p>The reason: In March, the majority of FOMC participants said that the final rate for this tightening cycle would be between 5% and 5.25%, which is exactly where the fed funds rate arrived yesterday. The CME&#8217;s FedWatch tool <a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" target=\"_blank\" rel=\"noopener nofollow\">shows<\/a> that an overwhelming 99.2% currently expect a pause in June.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-market-in-disarray-but-optimism-prevails-with-two-narratives\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Market in Disarray, But Optimism Prevails With Two Narratives<\/a><\/div>\n<p>More than 85% expect the first rate cut as early as September. In total, the market currently expects at least three rate cuts (to 4.25 to 4.5 basis points) by year-end.<\/p>\n<p>And even JP Morgan&#8217;s Davis <a href=\"https:\/\/twitter.com\/financialjuice\/status\/25562368\" target=\"_blank\" rel=\"noopener nofollow\">believes<\/a> that &#8220;this is definitely the end of the hiking cycle for the Fed.&#8221; The representative of the largest U.S. bank by deposits also believes a Fed rate cut could come &#8220;as early as September.&#8221;<\/p>\n<p>The projections are extremely bullish for Bitcoin and crypto, as risk assets traditionally benefit the most from a dovish monetary policy as more liquidity is pumped into the financial system. On the other hand, Bitcoin investors may have once again reacted to the deepening banking crisis in the US.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/pepe\/pepe-coin-versus-bitcoin-comparison\/\" target=\"_blank\" rel=\"noopener \">Check Out This Shocking Pepe Coin Versus Bitcoin Comparison<\/a><\/div>\n<p>As with the collapse of Silicon Valley Bank and First Republic Bank, BTC saw a spike yesterday as Los Angeles-based PacWest (PACW) crashed by around 60% in after-hours trading.\u00a0The regional bank is rumored to be looking for a buyer and considering other strategic options, Bitcoinist <a href=\"https:\/\/bitcoinist.com\/bitcoin-climbs-29000-us-banking-crisis-deepens\/\" target=\"_blank\" rel=\"noopener nofollow\">reported<\/a>. Rumor has it that there is little buying interest, so PacWest could be the next domino.<\/p>\n<h2>Further Upside Momentum In Sight?<\/h2>\n<p>Further upside could be provided today by the Dollar Index (DXY) on the back of the European Central Bank (ECB) rate decision. As analyst Ted (@tedtalksmacro) explained, the DXY is <a href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/37445377\" target=\"_blank\" rel=\"noopener nofollow\">expected<\/a> to make a strong move today:<\/p>\n<blockquote><p><strong>50 bps hike and dollar index should finish the day much lower.<\/strong><br \/>\n<strong>25 bps hike and I&#8217;d expect a small bounce.<\/strong><\/p><\/blockquote>\n<p>The DXY continued to fall yesterday after the FOMC meeting and is currently still only just above the multi-month support at 101. If the level breaks, the DXY could face a deeper plunge, Bitcoin could benefit heavily due to its inverse correlation.<\/p>\n<p>A move towards $30,000 could be next if the support at $28,800 holds. However, first a sweep if the open interest seems necessary as long positions on the futures market are once again heating up (during a sideways movement).<\/p>\n<figure id=\"attachment_529817\" aria-describedby=\"caption-attachment-529817\" style=\"width: 3602px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-529817 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?resize=3602%2C1744\" alt=\"Bitcoin aggregated open interest chart \" width=\"3602\" height=\"1744\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=3602 3602w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Xyi7w9cb.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-529817\" class=\"wp-caption-text\">Bitcoin aggregated open interest chart | Source: Coinalyze<\/figcaption><\/figure>\n<p>At press time, the Bitcoin price stood at $29,086.<\/p>\n<figure id=\"attachment_529814\" aria-describedby=\"caption-attachment-529814\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-529814 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?resize=3625%2C1672\" alt=\"Bitcoin price BTC USD\" width=\"3625\" height=\"1672\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=3625 3625w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-04_10-05-14.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-529814\" class=\"wp-caption-text\">Bitcoin price, 2-hour chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/me1iQSJy\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin and crypto markets are up today, despite the fact that the initial reaction to yesterday&#8217;s FOMC of the US Federal Reserve (Fed) was rather bearish. During the meeting, the Bitcoin price dropped from $28,800 to $28,250 as the market reacted to the extremely hawkish comments made by Jerome Powell. The Fed Chairman avoided confirming that yesterday&#8217;s rate hike was the last one in this cycle, despite multiple requests from journalists. He also stressed that there is no room for rate cuts this year in the Fed&#8217;s current scenarios. On the other hand, in its rate hike statement, the Fed omitted the earlier remarks that announced further hikes. Bullish \ud83d\udc47 https:\/\/t.co\/k4DiOUwl2T &mdash; Jake Simmons (@realJakeSimmons) May 3, 2023 Why Is Bitcoin And Crypto Up Today? The fact that Bitcoin and the broader crypto market are rising today is likely due to the fact that despite all of Powell&#8217;s efforts, the market is expecting a pivot, that is, a pause in rate hikes at the next FOMC meeting on June 14. The reason: In March, the majority of FOMC participants said that the final rate for this tightening cycle would be between 5% and 5.25%, which is exactly where the fed funds rate arrived yesterday. The CME&#8217;s FedWatch tool shows that an overwhelming 99.2% currently expect a pause in June. Related Reading: Bitcoin Market in Disarray, But Optimism Prevails With Two Narratives More than 85% expect the first rate cut as early as September. In total, the market currently expects at least three rate cuts (to 4.25 to 4.5 basis points) by year-end. And even JP Morgan&#8217;s Davis believes that &#8220;this is definitely the end of the hiking cycle for the Fed.&#8221; The representative of the largest U.S. bank by deposits also believes a Fed rate cut could come &#8220;as early as September.&#8221; The projections are extremely bullish for Bitcoin and crypto, as risk assets traditionally benefit the most from a dovish monetary policy as more liquidity is pumped into the financial system. On the other hand, Bitcoin investors may have once again reacted to the deepening banking crisis in the US. Related Reading: Check Out This Shocking Pepe Coin Versus Bitcoin Comparison As with the collapse of Silicon Valley Bank and First Republic Bank, BTC saw a spike yesterday as Los Angeles-based PacWest (PACW) crashed by around 60% in after-hours trading.\u00a0The regional bank is rumored to be looking for a buyer and considering other strategic options, Bitcoinist reported. Rumor has it that there is little buying interest, so PacWest could be the next domino. Further Upside Momentum In Sight? Further upside could be provided today by the Dollar Index (DXY) on the back of the European Central Bank (ECB) rate decision. As analyst Ted (@tedtalksmacro) explained, the DXY is expected to make a strong move today: 50 bps hike and dollar index should finish the day much lower. 25 bps hike and I&#8217;d expect a small bounce. The DXY continued to fall yesterday after the FOMC meeting and is currently still only just above the multi-month support at 101. If the level breaks, the DXY could face a deeper plunge, Bitcoin could benefit heavily due to its inverse correlation. A move towards $30,000 could be next if the support at $28,800 holds. However, first a sweep if the open interest seems necessary as long positions on the futures market are once again heating up (during a sideways movement). At press time, the Bitcoin price stood at $29,086. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":529811,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664],"class_list":["post-529806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Why Is Bitcoin And Crypto Up Today?<\/title>\n<meta name=\"description\" content=\"The Bitcoin and crypto markets are up today, despite the fact that the initial reaction to yesterday&#039;s FOMC was rather bearish. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.\",\"sameAs\":[\"https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons\"],\"url\":\"https:\/\/wncen.com\/author\/marcusmisiak\/\"}]}<\/script>\n","yoast_head_json":{"title":"Why Is Bitcoin And Crypto Up Today?","description":"The Bitcoin and crypto markets are up today, despite the fact that the initial reaction to yesterday's FOMC was rather bearish. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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