קריפּטאָ נייַעס: The ongoing FUD environment in the crypto space is reflecting in the volatile trend in Bitcoin price in last few days. While the קריפּטאָ מאַרק is reeling from the uncertainty around Silvergate related liquidity crisis, a series of stronger than expected US macro economic data is showing bearish signs in the stock market. In addition to strong economic data on various fronts, US Federal Reserve chair דזשעראָמע פּאַואַל earlier warned that the central bank could raise interest rates on a higher than expected range. In a latest, US President Joe Biden’s 2024 budget proposal led to fall in stock prices while also bringing down Bitcoin price.
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The budget proposal had some bad news for crypto traders, who are deprived of tax subsidy benefits. This is expected to deliver an estimated $24 billion, the US administration האט. Meanwhile, the bearish sentiment is likely to continue for the next two weeks, until the Fed’s FOMC delivers its interest rate decision.
‘Higher Than Expected Interest Rate’
In the latter part of 2022, crypto prices followed the downward curve whenever the Fed delivered higher than expected interest rates. Powell’s recent warning triggered a shift in market expectation ahead of the Federal Open Market Committee (FOMC) meeting between March 21, and 22, 2023. As per the CME FedWatch Tool, the target rate probabilities for the upcoming meeting ווייַזן a more likely event of a 50 bps hike than a 25 bps increase. Currently, about 71% of respondents believe there will be a 50 bps rate hike affecting the current rate climbing to the the 5.0 to 5.25% range.
While the jobless claims for the March 4 week געוויזן signs of slowdown in the labor market, economists expect the nonfarm payrolls data to come out as reinforcement to the Fed’s belief to raise interest rates higher than anticipated. Meanwhile, the current environment pushed ביטקאָין פּרייַז to below the $21,000 level for the first time since mid-January 2023. Amid the bearish trend and high volatility, CoinGape earlier געמאלדן that the estimated support levels were to be $21,500 and $20,500.
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די דערלאנגט אינהאַלט קען אַרייַננעמען די פערזענלעכע מיינונג פון די מחבר און איז אונטערטעניק צו די מאַרק צושטאַנד. טאָן דיין מאַרק פאָרשונג איידער ינוועסטינג אין קריפּטאָקוררענסי. דער מחבר אָדער די ויסגאַבע איז ניט פאַראַנטוואָרטלעך פֿאַר דיין פערזענלעכע פינאַנציעל אָנווער.
Source: https://coingape.com/bitcoin-price-20k-strong-economic-data-crypto-news/