Is The Basis For The FOMC Rate Hike Suspension Weak, And BTC Is Anticipated To Continue To Develop Uncertainty?

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Analysis by a bitbank analyst (contribution of Yuya Hasegawa)
Saturday, July 3 through Friday, July 9:

As the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO CZ at the start of the week, the Bitcoin (BTC) to Japanese Yen exchange rate rose from 3.75 million yen to a February high of 360 on a dollar-denominated basis. It began with a precipitous decline to approximately 10,000 yen.

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After graduating from a graduate school in the United Kingdom, he worked as an analyst in the FinTech industry and virtual currency market for a venture capital firm comprised of individuals from financial institutions. Since 2019, market analyst at Bitbank Co., Ltd. He has a history of offering commentary to significant domestic financial media outlets and contributing to international media.

connection: official website of Bitbank Markets

Bitcoin declines due to deteriorating sentiment and expectations of a bottoming against the backdrop of US dollars, according to the most recent report.

In the meantime, the SEC sued Coinbase again on Tuesday, and the market briefly attempted to break below the February highs, but after reversing in a pattern of purchasing dips, the market took a short position to recoup the previous day's losses.

After that, however, BTC faltered due to resistance over the weekend, and the Bank of Canada's decision to raise interest rates raised concerns about the upcoming rate hike by the Federal Open Market Committee (FOMC). It was announced that management of crypto asset (virtual currency) pairings exceeding 3.7 million yen would be discontinued.

In the second half of the week, however, some altcoins have rebounded due to oversold sentiment, and BTC has halted its decline around 3.7 million yen.

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Thursday, SEC court filings disclosed that CZ had been receiving client assets through its own offshore firms, but a series of litigation-related problems appear to have strengthened the market. Nevertheless, the recent altcoin rally could conclude in a retracement, so we cannot relax.

Next week will ultimately bring us the US Consumer Price Index (CPI) and the FOMC May meeting minutes. This month, the FOMC will focus on whether or not there will be an interest rate increase, as well as the interest rate forecast for the end of the year in the Summary of Economic Projections.

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connection: official website of Bitbank Markets

Bitcoin declines due to deteriorating sentiment and expectations of a bottoming against the backdrop of US dollars, according to the most recent report.