Bitcoin fell below $44,000, after minutes of the U.S. Federal Reserve’s December meeting were released. MuyaoShen and DantesOutlookn report.
Bitcoin's hourly price chart showed steep drop in the hour after the Fed meetings were released.
“Participants generally noted that, given their individual outlooks for the economy, the labor market, and inflation, it may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated,” according to the Dec. 14-15 . “Some participants also noted that it could be appropriate to begin to reduce the size of the Federal Reserve’s balance sheet relatively soon after beginning to raise the federal funds rate.”previously, bitcoin and traditional risk assets would potentially face price pressure if the minutes signal an internal debate on raising rates and starting the balance sheet contraction along with the end of asset purchases in March.
Even though bitcoin is viewed by some as a hedge against inflation, it is also an emerging technology thus is sensitive to a tightened monetary policy – similar to the tech-heavy Nasdaq index.
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