Bitcoin traders brace for volatility as the CLARITY Act awaits a Senate vote to move forward and the Fed is due to announce its latest rate decision.
Bitcoin (BTC) is starting the third week of September below key weekly support levels as traders eye volatility cues.
The Federal Reserve takes the spotlight for risk-asset traders this week as Wednesday’s decision on interest rates dictates the mood.
On the back of high inflation and cautious words from chair Kevin Warsh, the Fed is widely expected to hike benchmark rates by 25 basis points to 3.75-4% despite several dissenting officials in favor of holding them at current levels. The setup echoes that of the Fed’s July rate decision, when policymakers held rates while several voices argued for a hike.& Now, Warsh faces pressure from US president Donald Trump not only to avoid a hike but to enact rate cuts.
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