Bitcoin will benefit, whether FOMC cuts or holds

The Federal Reserve held interest rates steady at 5.25%-5.50% at today’s FOMC meeting, with only one cut slated for the year. Despite this, Bitfinex analysts predict a favorable outcome for Bitcoin whether the FOMC cuts rates or chooses to hold them steady over the coming quarters. They suggest that a rate cut is likely to spur immediate bullish action, while a hold decision could result in a steadier but positive trend.

Today’s FOMC decision follows the recently announced May CPI data, which indicated a slight deceleration in inflation to 3.3% year-over-year from April’s 3.4%. The crypto market reacted positively to the news, with Bitcoin gaining 2.3% and the broader market from the top 20 cryptos all showing positive movement. The moderation in inflation fueled hopes for potential interest rate cuts by the Federal Reserve in the coming months.

On the AI side of things, the ASI Alliance, formed by Fetch.ai, SingularityNET, and Ocean Protocol, has announced a new date for their anticipated token merger. Initially set for June 13, the event is now slated for July 15 to ensure the seamless handling of technical and logistical requirements involving exchanges, validators, and ecosystem partners.

• Bitcoin set to benefit whether FOMC cuts or holds rates: Bitfinex
• Bitcoin gains as May CPI data shows moderate inflation numbers
• Fetch.ai, SingularityNET, and Ocean Protocol reschedule token merger for July 15

Data powered by CoinGecko.

Bitcoin set to benefit whether the FOMC cuts or holds rates

Bitfinex analysts suggest that past decisions to cut rates have typically resulted in increased asset prices and ETF inflows, using the gold market as a benchmark. Similar patterns are expected in the market, with all eight of the last CPI and FOMC events causing increased volatility, at least on an intra-day or intra-week basis.

Although Bitfinex analysts didn’t expect a rate cut decision to come out today, they expected that the Fed…