"Does the FOMC think the price of BTC will go up or down?"
The price of the mother of all cryptocurrencies Bitcoin (BTC) including Ethereum (ETH) saw a slight increase after the release of job openings survey (JOLTS) data on Tuesday yesterday.
According to the report, the number of job offers in the United States (US) in March has declined to 9.6 million, which is the lowest level since April 2021 and below expectations of 9.77 million.
The entire crypto market will also react during the Federal Open Market Committee (FOMC) meeting early Thursday morning where the Federal Reserve (Fed) is expected to raise interest rates by 25 basis points.
While the price of BTC and other cryptocurrencies also saw a surge as investors were found to be interested in the digital asset after many banks have recently experienced drastic overnight collapses.
The failure of First Republic Bank earlier this week has weighed on the economy but crypto seems unaffected as its price surge coupled with weak jobs data has been one of the reasons digital assets have reacted positively.
Currently, BTC price managed to jump by 1.72% at $28,533 in the last 24 hours with a market capitalization of $552 billion and recorded an increase of around 0.83% over the last week.
While ETH rose 1.71% at $1,864 but still slipped almost 0.16% in the last seven days and did not miss Ripple (XRP) gained 0.05% at $0.46 with a market capitalization of $23 billion.
