Nastco/iStock Editorial via Getty Images
Bitcoin (BTC-USD) is on track to end the week marginally higher, treading water ahead of the Federal Reserve’s meeting next week. This follows a brief rally last week after Fed chair Jerome Powell signaled a slower pace of rate hikes soon.
The Fed will meet on Wednesday, where it is widely expected to raise interest rates by 50 bps.
“Bitcoin seems stuck around $17K and that could continue until next week’s FOMC decision. If the Fed signals more work may need to be done and if legislation looks crippling for bitcoin, sellers could quickly emerge and make a push to retest November lows,” said Edward Moya, senior market analyst, OANDA.
The top cryptocurrency rose to $17.38K on Monday, its highest level in a month following the collapse of crypto exchange FTX (FTT-USD) that sent prices spiraling. Bank of America believes there are still silver linings as the fallout will result in increased regulatory scrutiny, which may enable more institutional engagement.
The global cryptocurrency market cap stands at $852.08B, down 0.68% over Thursday, according to CoinMarketCap.
FTX updates
- Sam Bankman-Fried, founder of failed crypto exchange FTX (FTT-USD), is reportedly being investigated by U.S. federal prosecutors on whether he manipulated the prices of terraUSD (UST-USD) and its sister token luna (LUNC-USD) in May that led to their collapse.
- SBF said he’s “willing to testify” next week in front of the House Financial Services Committee.
- Alameda Research, the trading firm affiliated with FTX, was said to have been secretly funding crypto news site The Block for more than a year.
- As the FTX continues to send ripples in the industry, Canada’s largest pension fund CPP Investments reportedly stopped mulling over investment opportunities within the crypto space. CPPI told Reuters it has not made any direct investments in crypto.
- Goldman Sachs is reportedly looking to deploy tens of millions of dollars to buy or invest in crypto…
