Crypto-native catalysts have been buoying Bitcoin, with digital assets recently decoupling from stocks.
Bitcoin and other cryptocurrencies ticked higher Wednesday as investors awaited the latest Federal Reserve decision, which will be a test of the extent to which macroeconomic catalysts still matter to crypto traders.
“Recent price movements indicate that investors are growing more optimistic about Bitcoin,” said Konstantin Shulga, co-founder of trading firm Finery Markets. “Looking ahead, volatility indicators suggest that funds betting on Bitcoin’s price movement may be becoming less confident, indicating a possible cooling of sentiment. Even if we assume that we are witnessing a strong upward trajectory, it is not unusual to anticipate a minor pullback in the market.
The prevalence of this crypto-native catalyst and Bitcoin’s decoupling from stocks make the Federal Reserve decision Wednesday on monetary policy particularly interesting. The Dow Jones Industrial Average and S&P 500 are likely to move on the back of the decision, and Bitcoin would, typically, follow as well.
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