Bitcoin’s correlation with copper, which moved into positive territory following the Thanksgiving holiday, has continued to rise, which could bode well for investors. Or will it?; bitcoin seesaws, settles at $17.8K. GWilliamsJr_CMT and JPRubin23 write
By James Rubin
The largest cryptocurrency by market capitalization was recently trading at $17,811, roughly where it stood 24 hours earlier. BTC had topped $18,300 earlier in the day following an unexpected slowing in November's inflation data and the Fed's anticipated dovish turn. But in a press conference following the Federal Open Market Committee's rate announcement, Powell returned to a months-long theme that rising prices presented the biggest threat to the economy.
Ether followed a similar pattern, rising earlier in the day before dropping to trade at $1,308, down about a percentage point from Tuesday, same time. Most other major cryptocurrencies were in the red, albeit not by much with UNI, the token of decentralized exchange Uniswap, and LINK, the token of software platform Chainlink, falling 3.2% and 3.1%, respectively.Equity indexes troubled by Powell's comments closed down with the tech-heavy Nasdaq and S&P 500 off 0.8% and 0.5%, respectively.
that the terminal rate – the peak rate for the current hiking cycle, expected sometime next year – will likely be over 5%. The federal funds rate is the interest rate that banks charge each other to borrow and lend money.a bill to crack down on money laundering
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