Cryptocurrency experts from K33 have predicted an eventful day for Bitcoin and the market tomorrow. Bitcoin’s drop to $66 thousand led to $250 million in cryptocurrency liquidations, setting the stage for what they are calling a “Wild Wednesday” with the release of the FOMC and CPI reports.
The Fed’s announcement of interest rate forecasts through the “dot plot” and Chairman Powell’s guidance will play a crucial role in determining the future of the digital asset market, as per K33 Research. Bitcoin is expected to experience high volatility on Wednesday, especially given its recent sensitivity to economic data. The correlation between BTC and US stocks has reached its highest level since 2022, as highlighted in K33 Research’s market update today.
With the upcoming release of May CPI data and the Fed’s interest rate decision, investors are preparing for a tumultuous macro-Wednesday. The FOMC dot chart will indicate how many rate cuts policymakers are expecting for the year, amidst concerns about inflation and softer economic data. The market’s interest rate expectations are expected to be reignited by BTC’s price triggers, especially during Jerome Powell’s press conference.
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