BTC Reaches September Bull, As Traders Expect Decision From Feds

BTC Reaches September Bull, As Traders Expect Decision From Feds

In anticipation of the Federal Reserve’s monetary policy announcement, traders and investors are excitedly anticipating the September top of Bitcoin. The performance of the digital asset has been highly correlated with macroeconomic variables, and market participants are quite interested in the next Fed decision.

Reports have it that open interest in Bitcoin has significantly increased recently, with the latest BTC trading volume rising to $3.3 billion on the Binance market – representing an increased activity and trading volumes in the Bitcoin market.

The possible effects on inflation, interest rates, and overall financial security are at the heart of the expectation around the Federal Reserve’s decision – which is said to have grown more vulnerable to macroeconomic changes. Ethereum has witnessed a minor decline in value of less than 1%, trading at $1,640 at the time of writing, while Bitcoin has recently demonstrated strength in its price performance.

Reacting to this trend,, in its latest analysis, wrote that while Ethereum’s performance frequently tracks Bitcoin’s fluctuations, it can also be impacted by a unique set of circumstances, such as changes to the Ethereum network and Decentralized Finance (DeFi) initiatives.

Cryptocurrency Market Inconsistent, Traders, Investors Readies For Next Market Move

According to the report on analysis, the performance of the overall cryptocurrency market has been inconsistent, and certain significant altcoins have seen slight swings. A 1% increase was seen in Polygon (MATIC), while a less than 1% decline was seen in Cardano’s value.

The cryptocurrency market’s volatility, which can lead to swift price swings caused by various variables, including investor sentiment and market sentiment, is typified by these small price movements. Another analysis by Street Crypto’s Peter Chawaga has it that the monetary policy choice made by the Federal Reserve could impact the cryptocurrency market and other international financial markets.

However, Investors carefully consider the possible impact on asset classes, including cryptocurrencies, as central banks make choices about interest rates and monetary stimulus. Chawaga has added that the increase in public interest in Bitcoin indicates that market players are actively trying to position themselves in response to events that could move the market.

BTC Makes Its First Step To September Bull, Surges 1%

The cryptocurrency community had expected the Federal Reserve to constantly maintain the interest rate at 5.5% and 5.25% on a steady trend, considering its recent projects from its Open Markets Committee (FOMC).

However, the United States central bank projection indicated an extra increase in its 2023 quarter-point rate, which, coincidentally, has been predicted by many industry analysts. Speculation from different cryptocurrency quarters has suggested that it is hard to predict the odds that the Federal Reserve will hike the interest rate further this year to survive the recession.

At the latest Federal Reserve Central Bank Summit last month, a statement obtained from the Street Crypto platform by Chairman of the U.S. Federal Reserve,  Jerome Powel, said that “there may be chances of a possible final increase in the interest rates come this November.”

Meanwhile, BTC has slightly moved into its first bull run in September. Data from CoinMarketCap shows that it recorded a 1% increase in the last 24 hours, pushing its price to over $27,150, the highest peak it has attained this month. This happens when most traders are positively waiting for the latest decision from the United States Federal Reserve concerning the next move for the cryptocurrency industry.

DISCLAIMER: It's important to know that the stories on this blog are not meant to serve as, nor should it be construed as, advice in legal, tax, investment, financial, or any other professional context. You should only invest an amount that you are prepared to lose, and it's advisable to consult with an independent financial expert if you're uncertain. For more information, kindly consult the terms of service and explore the assistance and support areas provided by the issuing or advertising entity. Our website is dedicated to accurate and unbiased reporting, but it's important to note that market circumstances may change rapidly. Additionally, please be aware that some (but not all) articles on our site are sponsored or paid posts.

Jesse Rosenbalm
About Author

Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to content