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After falling to $38,000, Bitcoin recovered and reached $42,000.
At this point, while investors were waiting for the rise in Bitcoin to begin, all eyes turned to the FED's first interest rate decision in 2024.
While dollar, gold, stock market and cryptocurrency investors are closely following this decision, which will determine the first interest rate of 2024, the question of when the FED will start reducing interest rates continues to be important for investors.
While it is considered that the January FED interest rate decision will play a critical role in determining economic balances, analysts said that the lack of a clear date for the FED's interest rate cuts continues the uncertainties in the markets.
When Will the January FED Interest Rate Decision Be Announced?
The FED will announce its January interest rate decision on January 31, 2024 at 22:00 (UTC +3).
In Which Direction Are Expectations Concentrating?
While the general expectation in the market is that the FED will keep the policy rate constant, analysts expect the FED's interest rate decision text and FED President Jerome Powell's statements to have an impact on BTC and cryptocurrency prices.
At this point, analysts said that it is certain that the FED will start reducing interest rates in May, but uncertainties about March continue.
According to CME Group's FED Watch tool, the probability of keeping interest rates constant in January is priced at 96.9%, while the probability of the FED's second interest rate decision in March is priced at 47%.
As you may remember, the FED kept the last interest rate decision for 2023 unchanged in line with expectations and kept interest rates constant in the range of 5.25-5.50 percent.
*This is not investment advice.