$BTCUSD Forex Signal: Bitcoin Price Drifts Lower After FRC Stock Collapse
The BTC/USD pair dropped to a low of 28,000, much lower than the year-to-date high of 31,041. Other major coins like Ethereum and XRP have also pulled back.The BTC/USD pair drifted downwards as investors embraced a risk-off sentiment following the collapse of First Republic Bank. The bank was seized by the FDIC, which then sold it to JP Morgan. As a result, all deposits were saved.
Therefore, the Fed will likely hike interest rates by another 25 basis points and then point to a strategic pause. Some analysts expect that the bank will decide to leave rates unchanged for a while. A shift in tone by the Fed will be a bullish catalyst for Bitcoin.
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