"Hmm where do you expect the price of BTC to go during the FOMC later?"
The price of cryptocurrency king Bitcoin (BTC) which managed to see a significant rise throughout October 2023 may continue to rise again during the meeting of the Federal Open Market Committee (FOMC) on Thursday morning.
There is a 98% probability that the Federal Reserve (Fed) will keep interest rates unchanged on November 1, 2023 while 1.8% expect the United States (US) central bank to cut interest rate hikes.
By observation, BTC in September 2023 has not given any significant movement when the Fed leaves interest rates unchanged, but the price could face short-term volatility hovering at $34,400 at the next FOMC.
But it should be noted that BTC's rise can largely be triggered if the Securities and Exchange Commission (SEC) approves the spot BTC ETF, so here it can be seen that the decision of the US regulator can affect its price compared to unchanged interest rates.
In addition, risky assets such as BTC and altcoins are capable of soaring if the second scenario occurs where the Fed lowers interest rates.
This is because the rate cut makes it cheaper to borrow funds and get involved in BTC to generate good profits plus the increasing demand and inflow of funds will also push the price up drastically.
However, it is important to note that an interest rate cut may not happen but investors should focus on Fed Chairman Jerome Powell's speech in identifying whether an interest rate hike will happen or not.
As of this writing, BTC price has jumped by 0.47% to $34,661 in the last 24 hours with a market cap of $676 billion and has recorded a 2.47% rise over the past week.
