"Investors think that BTC will go up or down during the FOMC?"
The price of the mother of all cryptocurrencies Bitcoin (BTC) witnessed a flat movement ahead of the decision of the next US central bank interest rate hike early Thursday morning.
However, BTC early Monday managed to surpass $28,400 after the US Federal Reserve (Fed) announced that it will work with five central banks to ensure the stable flow of the US dollar and the dominant reserve currency in the global financial system.
According to Stefan Rust, the Chief Executive Officer (CEO) of Truflation said that the trust in the fiat banking system that is decreasing has been the reason why most investors believe BTC is save heaven.
The price of BTC also saw an increase when the banking crisis not only made it difficult to access gold, but some countries were afraid of inflation and hyperinflation, Rust commented again.
That streak, BTC is likely to jump higher if the Fed acts more dovish by raising interest rates by 25 basis points or no increase at all during the US Federal Open Market Committee (FOMC) meeting.
It is well known that the performance of crypto is in good shape as most investors started to turn to digital assets after the global banking crisis, but it should be remembered that BTC's future potential is still difficult to determine, said Shaughnessy of Delphi Digital.
Even so, tomorrow's FOMC announcement could determine BTC's next move, but the price of the digital asset could be affected if the Fed takes aggressive action.
As of this writing, BTC price is still hovering at $27,807 in the last 24 hours with a market capitalization of $538 billion while Ethereum (ETH) is down 1.94% at $1,748 and Ripple (XRP) is down 2.56% at $0.37.
