Bitcoin dipped early Thursday but regained its footing near $24,000 as investors continued to weigh minutes from the U.S. central bank’s FOMC meeting earlier this month. _jocelynyang_ reports
offered monetary doves and hawks alike some hope, although the heavy likelihood of a 25 basis point rate hike was unchanged.that less than three in four traders currently foresee a 25 basis-point hike, while over one in four expect a 50 basis-point hike at FOMC’s next meeting in March.
In an email to CoinDesk, Bob Ras, co-founder of exchange and digital asset ecosystem Sologenic, wrote that while the Fed’s continued monetary tightening could dampen the crypto market’s performance, Asian central banks, including Japan and China, have been injecting liquidity into their respective markets, suggesting the recent rally"still has legs."
“The amount of quantitative easing in Japan alone has been truly astronomical – so much so that this form of yield curve control has all but negated the tightening performed by the Fed over the last year,” Ras wrote, adding that “bitcoin and crypto are particularly sensitive to these kinds of fluctuations” as the money supply abroad is expanding.
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