The $BTCUSD pair made a strong recovery after its deep sell-off during the weekend. Trade Bitcoin here:
Cryptocurrency prices have been in a strong bearish trend in the past few months. The decline started in November when BTC surged to an all-time high of almost $70,000. At the time, the total market capitalization of all cryptocurrencies tracked by CoinGecko was valued at over $3 trillion.
In December, the bank doubled the QE taper from $15 billion to $30 billion and hinted that it will end its purchases in March. The dot plot showed that officials expect to start hiking interest rates this year. Economists expect that the FOMC will leave the interest rate unchanged between 0% and 0.25%. It will then slash its quantitative easing purchases. Most importantly, the bank will hint about three to four rate hikes this year.