Can The Bitcoin Price Survive Today’s FOMC Statement? Here’s What Experts Think
The Bitcoin price gained approximately 2.3% in the past 24 hours to trade around $28.6k on Wednesday, as the cryptocurrency market awaits the release of the United States Federal Reserve‘s third interest rate statements. However, fears of a possible further banking crisis following the First Republic Bank’s recent implosion have made many traders cautious.
Capitulation Fears Continue
Despite the rise in Bitcoin price, many traders remain cautious. The cryptocurrency was strongly rejected at $30k, and there is a significant possibility that it could be forming a head and shoulder pattern that often results in a downward trend.
Impact of Previous FOMC Statements on Bitcoin Price
During the previous FOMC statements, the Fed announced an increase of 25 basis points on the interest rate to 5%, resulting in Bitcoin’s price slipping from trading around $28.6k to about $26.6k. In contrast, during the February FOMC statement, which saw the Fed raise the interest rate by 25 basis points to 4.75%, Bitcoin price edged higher during the day but ended up losing value in the subsequent week.
Also Read: FOMC News: Here’s What Bitcoin (BTC) Traders Can Expect With FED Increasing Interest Rates
Analysts Forecasts
Experts are using technical analysis to try to formulate the crypto price action during the subsequent FOMC releases. According to cryptocurrency analyst Captain Faibik, Bitcoin price could hit $32.8k after today’s FOMC statement, relying heavily on the technical analysis that shows a widening wedge formation. A rise towards $32.8k could see the top digital asset enter the last phase of an Elliott wave that began earlier this year.
Michael Saylor Responds to Elon Musk’s Statement: ‘We Will Have Freedom of Speech….’
Two days before his court-ordered deadline to complete a $44 billion deal to buy Twitter or face prosecution, Musk released a video of himself smiling as he dragged the sink into the lobby. The Tesla CEO also changed his Twitter bio to “Chief Twit” earlier in the day.
He also wrote on Twitter, “A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias.”
Michael Saylor, the Microstrategy founder, responded to Elon Musk’s statement by saying that Twitter users must be protected in order to maintain freedom of speech.
“We will have freedom of speech if the Twitter platform can protect the citizens from the establishment above and bots below.”
Musk’s visit to the Twitter office, however, might be a sign that a deal will be successfully closed before the deadline. According to reports, the Tesla CEO wants to complete the transaction before October 28, the deadline established by a Delaware court.
In anticipation of closing the deal, Twitter reportedly locked its employee stock accounts earlier this month, according to a Bloomberg report. Employee equity award accounts on Twitter were frozen, possibly as a potential threat to Musk’s alleged takeover announcement of the social media platform.
A signed agreement would put an end to the long process in which Musk initially agreed to buy Twitter for $54.20 per share, changed his mind over worries about spam bots, and then said he would proceed on the original conditions.
Saudi Prince Alwaleed bin Talal and Oracle co-founder Larry Ellison are two of Musk’s co-investors, each contributing $7.1 billion to the purchase price. Banks including Morgan Stanley and Bank of America have contributed $13 billion in loan financing to the transaction in the meanwhile.
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Texas State Authorities Object To Voyager’s Disclosure Statement
The post Texas State Authorities Object To Voyager’s Disclosure Statement appeared first on Coinpedia Fintech News
The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) made an objection in court to Voyager Digital’s disclosure statement in a pleading submitted with the United States Bankruptcy Court for NY’s Southern District. In July 2022, Voyager Digital filed for bankruptcy under Chapter 11 in New York, offering a recovery plan for investors.
The Texas state authorities said that Voyager’s disclosure statement, which claimed that creditors might get a 70% return, fails to clarify the methodology used to determine average coin values, and that Voyager Digital never had the license from SSB or the DOB and face penalties for doing so. Even the FTX was not authorized for business in Texas.