Bitcoin (BTC) continues to consolidate within familiar ranges close to $29,000 ahead of the release of key US jobs data on Friday. The data, which is expected to show that the pace of hiring and wage growth in the US remains robust, and that the unemployment rate remains close to historic lows, come on the heels of a 25 bps rate hike from the US Federal Reserve earlier this week. The US central bank lifted its Federal Funds target range to 5.0-5.25% as broadly expected by market participants, marking 500 bps worth of tightening in its last 10 meetings. The Fed has spent the last year tightening financial conditions in order to get a surge in US inflationary pressures that began in 2021 under control. Bitcoin didn’t see much volatility in wake of the meeting and remains well within th
Leave a Reply