Bitcoin Holds Strong Ahead of Federal Reserve Meeting
In the latest episode of The Market Report, analyst Marcel Pechman discusses the current strength of Bitcoin (BTC) in anticipation of the United States Federal Reserve's Federal Open Market Committee (FOMC) meeting. Investors are betting on an interest rate freeze, and Pechman shares his skepticism about recent inflation data suggesting the Federal Reserve's 2% target is within reach. He highlights the time lag for interest rate changes to impact inflation and points to previous instability caused by rate increases.
Decreasing Bitcoin Supply and Price Surge
Pechman also addresses the decreasing supply of Bitcoin on exchanges, which is seen as a bullish signal. However, he disagrees that this alone is responsible for Bitcoin's recent price surge. He questions whether this activity is related to the FOMC meeting but believes it is unlikely to be a short-term event.
SEC Requests Access to Binance.US Software
The Securities and Exchange Commission (SEC) has requested access to Binance.US' software, raising concerns about the exchange's control of its assets. While the SEC appeared to face a loss in court, the judge expressed doubts and requested more evidence. Pechman speculates that Binance may be seeking a delay or extension to provide documents or reorganize its operations. He highlights the challenges Binance may face in dismissing the accusations and the potential implications for the exchange's future.
For more insights, listen to the full episode of The Market Report on the new Cointelegraph Markets & Research YouTube channel. Don't forget to click "Like" and "Subscribe" to stay up-to-date with the latest content.