Bitcoin and Ethereum values dropped as investors awaited the Federal Reserve s interest rate decision. Other major crypto tokens also experienced losses. Binance s former CEO s sentence added to the market s uncertainty.
During the European session, the Bitcoin price prediction remains bullish following the Federal Reserve's interest rate decision. After three consecutive "jumbo" rate hikes of 0.75 percentage points each, the Federal Reserve finally announced another rate increase on Wednesday, this one a full 0.75 percentage points higher in an effort to slow inflation.
Prices of major crypto assets could pump hard this week if the Federal Reserve in the US even hints at slowing the pace of rate increases later this year.
US Dollar Outlook: DXY Forms Head and Shoulders Pattern Ahead of FOMC 2021-01-27 07:30:00 Daniel Moss, Analyst
US Dollar Index, DXY, Federal Reserve Interest Rate Decision, FOMC, Coronavirus – Talking Points:
Equity markets crept cautiously higher during APAC trade.
USD could come under further pressure as the FOMC rate decision shifts into focus.
The US Dollar Index (DXY) at risk of extended declines as price carves out a bearish Head and Shoulders pattern. Advertisement
Asia-Pacific Recap
Equity markets crept cautiously higher during Asia-Pacific trade as investors shifted their focus towards the Federal Reserve’s upcoming monetary policy meeting. Japan’s Nikkei 225 climbed 0.3%, Hong Kong’s Hang Seng rose 0.17%, and China’s CSI 300 nudged 0.18% higher.