Bitcoin
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Last week, bitcoin was quite volatile, but by the end of the week the situation stabilized and quotes moved into a consolidation phase. However, now the flagship of the crypto market is still under significant pressure, as Fed chief Jerome Powell will speak tomorrow on March 7.
The official last spoke about a month ago, and investors will be especially interested in what the head of the Fed will say and whether there is a possibility of a significant increase in the refinancing rate in March of this year. Speculation has already appeared on the market that following the summit on March 21-22, the American regulator will increase the refinancing rate by 50 basis points at once. It is noteworthy that during the last meeting, the Fed raised the rate by 25 basis points.
According to experts, if Powell focuses on the need for an active tightening of monetary policy, then this may negatively affect the position of bitcoin itself. Especially when you consider the fact that the US stock indices are in a drawdown, while the DXY is steadily strengthening its positions.
Some experts are of the opinion that the stable US labor market, coupled with the unexpressed dynamics of slowing inflation in the country, are pushing the Fed to take more active steps.
It is possible that the department will nevertheless bring the refinancing rate to 6%, and will keep it at this value until the end of this year.
Earlier, the editors of Crypto.ru informed: representatives of the Glassnode company published a report on the flows of digital assets on key trading platforms. It was noted that in the period from February 27 to March 5 this year, users mainly withdraw their funds from centralized exchanges.
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