Bitcoin defends range support as Fed funds futures price in 61% probability of a March rate hike. Reports godbole17
Bitcoin holds range support
Asian stocks dipped along with the S&P 500 futures and tech-heavy Nasdaq futures. Gold posted marginal gains while copper and other growth-sensitive industrial metals faced losses. The anti-risk currencies like the U.S. dollar, Swiss franc and Japanese yen traded flat to positive, according toAccording to the CME Group’s FedWatch Tool, investors were pricing a 61% probability of a 25 basis point rate hike in March. That’s a significant increase from the 25.9% probability a month ago.
Bitcoin and asset prices, in general, may come under pressure if the Fed’s December meeting minutes, due at 19:00 UTC on Wednesday, reveal an internal debate on raising rates and starting the balance sheet contraction along with the end of asset purchases in March. That might bolster the probability of a Fed rate hike in two months and perhaps force markets to consider the possibility of four rate rises this year.
While bitcoin is widely touted as a safe haven by the crypto community, it is also an emerging technology and sensitive to monetary policy tightening like the tech-heavy Nasdaq index.
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