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Will FOMC Meeting Minutes Move BTC and ETH Prices? Find Out Now!

• Bitcoin (BTC) and Ethereum (ETH) have fluctuated above the $24,000 and $1,600 marks respectively.
• The crypto market is anticipating the release of Federal Open Market Committee (FOMC) minutes this week.
• Investors are cautious on making large investments due to economic data from the US as well as Coinbase’s results and Hong Kong’s new VASP licensing scheme.

Overview

This article discusses how the upcoming Federal Open Market Committee (FOMC) meeting minutes could impact Bitcoin (BTC) and Ethereum (ETH), two major cryptocurrencies in the world. It outlines how positive economic data from the US has strengthened belief that there will be a tightening of monetary policy for a longer period than previously expected and how investors are now cautious about making large investments before news from Coinbase’s results and Hong Kong’s new VASP licensing scheme is released.

Impact on Crypto Prices

The release of FOMC minutes on Wednesday could have an influence on cryptocurrency prices due to its effect on the US monetary policy. In a recent speech at the Economic Club of Washington, Federal Reserve Chair Jerome Powell discussed disinflation process and expressed confidence in Fed’s ability to lower inflation to their targeted rate of 2%. While Powell did not indicate any change in rate increases, he cautioned that sustained strong labor data could lead to higher rate levels.

Asian Shares

Asian shares had a subdued start due to low trading volume caused by a US holiday but continued to be weighed down by hawkish signals from Fed officials. This further highlights why investors are being careful when investing in cryptocurrencies before news related to Coinbase’s results and Hong Kong’s new VASP licensing scheme is released this week.

Bitcoin Price

Despite its slight decline this morning, Bitcoin has recovered back up to $24,500 level since Friday’s drop which suggests that it may not be significantly impacted by FOMC minutes when they are released later this week.

Conclusion

The release of FOMC meeting minutes later this week could have an impact on cryptocurrency prices as it affects US monetary policy decisions. However, it does not seem like Bitcoin will be significantly influenced by these reports as it has already largely recovered from its dip earlier today.