Bitcoin’s (BTC) price is hovering around $83,000 U.S. as markets await news from the U.S. Federal Reserve on interest rates and the central bank’s outlook for the American economy.
Bitcoin has been trading right around the $83,000 level over the past week amid an ongoing slump in U.S. equity markets.
Other crypto, such as Solana (SOL) and Ethereum (ETH), have also largely been rangebound and trading sideways in recent days.
Investors are eagerly awaiting news from the U.S. central bank.
While the Federal Reserve is widely expected to keep interest rates at current levels, markets are eager to hear what Chair Jerome Powell has to say at a press conference.
Specifically, investors are looking for clues from the Fed Chair on where he sees the U.S. economy and inflation headed in coming months.
While many investors and traders are hoping that the recent market turbulence will lead the central bank to step in and cut interest rates further, the opposite could occur if inflation rises.
Recent market action suggests a high degree of nervousness on the part of investors, especially as it pertains to risk assets such as cryptocurrencies.
Futures markets are currently pricing in a 20% chance that the U.S. central bank cuts interest rates at its next meeting in May. For June, there's a 66% chance that the Fed will cut rates.
