U.S. Fed officials are leaning in favor of a pause in hiking interest rates, strengthening hopes that the tightening cycle has ended and bitcoin (BTC) could be due for a bullish breakout.
The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. All right, let's take a look at the chart of the day. The recent Dovish rumblings by us. Federal Reserve officials have revived memories from early 2019 when Bitcoin surged over 300% against a similar fed backdrop. Since early 2022. The fed has raised interest rates by 525 basis points to tame inflation. The so called liquidity tightening cycle has been one of the major sources of pain for risk assets that's including Bitcoin. Earlier this week. Atlanta Fed Bank, President Raphael Bostic and Minneapolis fed President Neil Kashkari said the central bank may not need to raise rates further. Dallas fed President Laurie Logan and fed Governor Christopher Waller also argued that rising treasury yields have done the Fed's job preventing any urgent need for another rate hike. That's according to Reuters past data favors and side in Bitcoin. And the 2019 playbook could suggest the latest pause in the fed's rate hikes and a potential end of the tightening cycle could be a bullish sign for Bitcoin. The largest Cryptocurrency by market cap is currently changing hands at around $26,800. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.