Bitcoin, other crypto expected to consolidate more after Fed meeting

David Hollerith | Yahoo Finance | May 3rd, 2022
Category: Financial News

For the last year cryptocurrencies have traded increasingly like equities, making the U.S. central bank’s monetary policy one of the most important drivers of the crypto market’s performance.

But crypto analysts and traders aren’t expecting market-shaking moves to follow the Federal Reserve's policy-making meeting Wednesday, largely because the market has anticipated a rate hike of 50 basis points for a month.

Nonetheless, if Fed Chair Jerome Powell’s tone turns more hawkish or dovish than expected, there could be notable movement in crypto prices. A more aggressive stance could push crypto lower.

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