Bitcoin price hovers around waiting for the next move of the Fed

Bitcoin price hovers around waiting for the next move of the Fed

Bitcoin price in particular and the entire crypto market in general ‘ignored’ the Commodity Futures Trading Commission (CFTC) lawsuit against Binance last week, when bitcoin achieved its best quarter since 2021. .

At the time of writing, BTC price hovers around $27,700, down 2.6% over the past 24 hours. For the bulls, the $29,000 level remains a relatively strong resistance that needs to be overcome.

bitcoin price chart

According to TheBlock data, the first quarter of 2023 saw bitcoin gain more than 70% as the risk asset rallied, resulting in bitcoin having its best quarter since early 2021.

bitcoin figures

Binance and CEO Changpeng Zhao (CZ) suffering from CFTC to sue for allegedly violating federal law and not being registered in the United States Ky. The news then sent the price of BNB down 6% over the past 7 days, to $309 at press time.

See also: CZ and Binance face another 1 billion USD lawsuit for advertising unregistered securities

Other altcoins like ether have dropped about 2.3% in the past 24 hours, trading around $1,778. Ripple’s XRP has increased by about 13.6% over the past 7 days after SEC related news, although the final verdict of the case is still a long time away. Cardano’s ADA is up more than 5.8% and dogecoin is up 4% in the same period.

Notice what next?

With the first quarter of 2023 over, some key economic indicators will appear in April that could affect the crypto market.

First, the Fed will keep a close eye on US jobs data next Friday. Any sign of a weakening labor market could affect interest rate expectations.

Inflation data for March due on April 12 will also prove important to any Fed rate swings or pauses.

An estimate of first quarter GDP will be released on April 27.

The next Federal Open Market Committee (FOMC) interest rate decision is scheduled for May 3. The CME’s FedWatch tool said “markets are divided on whether the Fed will pause or not. up another 25 basis points.”

See also: Danish Supreme Court: Bitcoin profits are taxable

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