Bitcoin Can Quickly Rally To $70000 After Fed Decision: Hayes
Can Bitcoin Rise To $70000 If Fed Cuts Interest Rates? Macroeconomic analysts are trying to predict when the U.S. Fed will stop raising interest rates or pivot since the central bank continued to hike rates after the bank collapse in March. Meanwhile, the Fed’s balance sheet has decreased amid the debt ceiling crisis. advertisement The U.S. Federal Reserve is likely done with rate hikes as the jobs market cools and the unemployment rate climbed last month. In addition, traders are awaiting the CPI and PPI data this week to confirm the market direction. Arthur Hayes said the reason why Bitcoin failed to reach $70,000 after March is that people focused more on nominal Fed rates and did not compare them to high nominal GDP growth in the US. “It seemed the Fed’s only option was to cut rates, restore the health of the US banking system, and watch Bitcoin quickly march towards $70,000.” Recommended Articles ...