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Bitcoin battles with 24k ahead of FOMC minutes Bitcoin battles with 24k ahead of FOMC minutes

Bitcoin battles with 24k ahead of FOMC minutes

Bitcoin continues its decline on Feb. 22, down 2%.

Quick Take

  • Bitcoin fell 2%  on Feb. 22 as markets began anticipating the upcoming FOMC minutes report.
  • The FOMC minutes will be released at 2 PM ET.
  • It is a transcript of what was discussed at the last fed meeting with all fed members when they raised interest rates by 25 bps.
  • It will examine a stronger-than-expected economy and how much interest rates need to rise.
  • Fed funds rate current target rate is 4.50 – 4.75%, with a 76% chance of a 25 bps rate hike and a 24% chance of a 50 bps raise at the March meeting.
  • As of one month ago, it was a 0% probability of a 50 bps rate hike.
CME fed watch tool: (Source: CME Group)
CME fed watch tool: (Source: CME Group)