Crypto Traders Eye FOMC Meeting, Market Moves Anticipated

IconCryptoNewsTerminal Staff11 Jun, 2024

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Crypto Traders Eye FOMC Meeting, Market Moves Anticipated

In a report dated 11th (local time), cryptocurrency research firm K33 Research analyzed that "cryptocurrency traders are paying attention to the upcoming FOMC meeting in June, and market price movements are expected to appear based on expectations of interest rate cuts." The US May Consumer Price Index (CPI) is scheduled to be announced at 9:30 PM on the 12th, and the US interest rate decision is scheduled for 3 PM on the 13th. The report explains that "continuous net inflows into BTC spot ETFs have ceased, and traders on the Chicago Mercantile Exchange (CME) are in a mood to reduce risk. There could also be a long squeeze (sell-off that occurs due to liquidation or cover of long positions) outside the US prior to the CPI and interest rate announcements. Ethereum (ETH) is expected to show strength around this summer in anticipation of the approval of a spot ETF."

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