{"id":299586,"date":"2023-03-23T21:00:24","date_gmt":"2023-03-23T15:30:24","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=299586"},"modified":"2023-03-23T12:40:07","modified_gmt":"2023-03-23T07:10:07","slug":"bitcoin-btc-loses-grip-on-28k-as-rate-hike-continues-undeterred","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-btc-loses-grip-on-28k-as-rate-hike-continues-undeterred\/","title":{"rendered":"Bitcoin [BTC] loses grip on $28k as rate hike continues, undeterred"},"content":{"rendered":"<ul>\n<li><em>The FOMC increased interest rates by 0.25, leading to BTC&#8217;s price drop<\/em><\/li>\n<li><em>On-chain analysts and Bitcoin maximalists maintained a bullish stance\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin&#8217;s [BTC]<\/span><span style=\"font-weight: 400;\"> price fell below the $28,000 threshold following the release of the U.S. Federal Open Market Committee (FOMC) decision on interest rates. The FOMC is the country\u2019s Federal Reserve division responsible for evaluating price stability, economic conditions, and setting monetary policy.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">March 22&#8217;s <\/span><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20230322a.htm\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">outcome<\/span><\/a><span style=\"font-weight: 400;\"> was, however, expected, as the Fed committee raised interest rates by 25 basis points (BPS). Before the decision, the committee chair Jerome Powell projected a possible 50 BPS, according to <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-22\/fed-hikes-quarter-point-signals-it-still-expects-higher-rates?leadSource=uverify%20wall\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bloomberg<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h3><b>Decision factors in the banks as\u2026<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">However, this was before the crashes of SVB, Silvergate, and Credit Suisse. Nevertheless, the hawkish conditions did not stop Bitcoin from maintaining a bullish streak for a considerable number of days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless, the FOMC admitted that even though inflation has remained high, the recent bank collapses could lead to stiffer macroeconomic variables. Although the Fed mentioned that the banking system was safe and sound, Powell <\/span><span style=\"font-weight: 400;\">conceded<\/span><span style=\"font-weight: 400;\"> that the committee was unsure about the extensive effect of the institutional failures. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Did you miss Federal Reserve Chair Jerome Powell&#39;s conference?<\/p>\n<p>Here are the highlights \ud83d\udc47 <a href=\"https:\/\/t.co\/TugPYC89bc\">https:\/\/t.co\/TugPYC89bc<\/a> <a href=\"https:\/\/t.co\/8XcEWg9QDz\">pic.twitter.com\/8XcEWg9QDz<\/a><\/p>\n<p>&mdash; Bloomberg TV (@BloombergTV) <a href=\"https:\/\/twitter.com\/BloombergTV\/status\/1638662693040304128?ref_src=twsrc%5Etfw\">March 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The statement read:<\/span><\/p>\n<blockquote><p>\u201cRecent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain.\u201d<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The policymakers\u2019 settlement is the second significant external decision that has impacted BTC in recent times. About a week ago, the Consumer Price Index (CPI) dropped 6% after it was 6.4% in February. But the difference between last week\u2019s event and this was the contrasting BTC response since the CPI <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-btc-breaks-26k-cpi-drops-is-the-euphoria-back\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">laid the groundwork<\/span><\/a><span style=\"font-weight: 400;\"> for the coin to break $26,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, several analysts had remained enthusiastic about Bitcoin&#8217;s performance prior to the announcement. For instance, Bloomberg\u2019s aggregate analysis of the market predicted a better second-quarter performance for BTC.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is hurtling toward a quarterly gain bigger than any since the start of 2021 and key charts suggest the token has scope to keep climbing <a href=\"https:\/\/t.co\/x2kmXu2N4F\">https:\/\/t.co\/x2kmXu2N4F<\/a><\/p>\n<p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1638413462832545792?ref_src=twsrc%5Etfw\">March 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><b>No matter what, BTC bulls maintain the mandate<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Cathie Wood, CEO of ARK Invest and an extreme believer in the Bitcoin movement, doubled down on her opinion that BTC was a <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-btc-bulls-undeterred-by-macro-mayhem-new-report-shows\/\"><span style=\"font-weight: 400;\">safe haven<\/span><\/a><span style=\"font-weight: 400;\"> in the current economy. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">She tweeted:<\/span><\/p>\n<blockquote><p>\u201cThe Fed just voted unanimously to raise interest rates. Some data upon which it might want to depend: bank credit default swaps, bank deposit flows, Bitcoin (flight to safety?), yield curves, commodity prices, housing prices, and consumer sentiment.\u201d<\/p><\/blockquote>\n<p>Notwithstanding, stock-to-flow creator, Plan B, seems to be unconcerned by the BTC response to these macroeconomic factors. Instead, he pointed out notable on-chain observations.<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, <\/span><span style=\"font-weight: 400;\">here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC\u2019s market cap in ETH\u2019s terms<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">According to his latest tweet, Bitcoin was now above the two-year realized price. This data implied that several investors of the past few years are now in profit except for those who majorly accumulated in 2021.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Like clockwork (2Y realized is $31k..) <a href=\"https:\/\/t.co\/V7Ufl03okt\">pic.twitter.com\/V7Ufl03okt<\/a><\/p>\n<p>&mdash; PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1638602544246038535?ref_src=twsrc%5Etfw\">March 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">In addition, he responded to comments under the tweet, <\/span><a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1638634619913355265\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">saying <\/span><\/a><span style=\"font-weight: 400;\">he expected a 25% to 50% adoption rate after the 2024 halving. As he mentioned before, the event could push BTC to a new ATH.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FOMC increased interest rates by 0.25, leading to BTC&#8217;s price drop On-chain analysts and Bitcoin maximalists maintained a bullish stance\u00a0 Bitcoin&#8217;s [BTC] price fell below the $28,000 threshold following the release of the U.S. Federal Open Market Committee (FOMC) decision on interest rates. The FOMC is the country\u2019s Federal Reserve division responsible for evaluating<a href=\"https:\/\/ambcrypto.com\/bitcoin-btc-loses-grip-on-28k-as-rate-hike-continues-undeterred\/\">Continue reading <span class=\"sr-only\">&#8220;Bitcoin [BTC] loses grip on $28k as rate hike continues, undeterred&#8221;<\/span><\/a><\/p>\n","protected":false},"author":72,"featured_media":299591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-299586","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin [BTC] loses grip on $28k as rate hike continues, undeterred - 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