Bitcoin’s price is trading below $39,000 on Tuesday, March 15, as investors await the results of the Federal Open Market Committee’s two-day meeting, which concludes on Wednesday. For the previous week, the cryptocurrency has been stabilizing between the $37,000 to $42,000 region, according to CoinMarketCap data. The flagship digital currency is currently changing hands at $38,634, down 1.24% in the last 24 hours and 0.56% across the previous week, with a total market worth of $733 billion.
Interest rate hike
Federal Reserve Chairman Jerome Powell stated earlier this month that the central bank wants to increase its policy interest rate by a quarter-percentage point after the conclusion of its March meeting to battle inflation, which surged to a 40-year high in February. Global geopolitical issues are causing prolonged economic uncertainty, according to DailyFX analyst Nicholas Cawley, who believes that Bitcoin’s subdued price movement may be ascribed to this. Crawley added: Likewise, the prominent crypto trading analyst shares a similar outlook; he considers that Bitcoin could also accelerate upwards with any move past $45,000. Finally, it’s worth mentioning that the CoinMarketCap crypto community believes that Bitcoin will rally to trade at $48,099 by March 31. The target is based on votes by 83,890 members as of March 11. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
