Fed Continues 'Hike Rate' Until 2023 Ends? BTC Stays Quiet!

<p>&nbsp;"Hmm BTC seems like it's dizzying where to go."</p><p><br /></p><p>After the publication of the minutes of the Federal Open Market Committee (FOMC) June 2023 meeting, the majority of Federal Reserve (Fed) officials were found to be in favor of maintaining interest rate hikes while some wanted to raise 25 basis points at the next meeting.</p><p><br /></p><p>When talking about the outlook through 2023, almost all Fed officials expect there to be more interest rate hikes in 2023 than market expectations that think it might cut rates by the end of the year.</p><p><br /></p><p>Following the FOMC minutes at 2am this morning, the entire cryptocurrency market saw a positive reaction as Bitcoin (BTC) jumped slightly to reach $30,600.</p><p><br /></p><p><br /></p><p>It is already known that BTC's performance has been recovering lately when Fed officials revealed that headline inflation shows no signs of a sustained decline since the beginning of 2023.</p><p><br /></p><p>Therefore, additional information on the economic situation is important for investors to determine further monetary actions by the Fed, where the central bank of the United States (US) views the movement of interest rates will benefit the crypto market compared to stocks.</p><p><br /></p><p>It is widely known that Fed Chairman Jerome Powell after the FOMC meeting in June warned that the forecast he released at the time indicated a tightening of interest rates by 0.5% in 2023.</p><p><br /></p><p>However, almost all participants agreed that maintaining a hawkish stance was appropriate immediately after the FOMC minutes were released.</p><p><br /></p><p>So far, BTC price has slipped back by 1.35% at $30,411 in the last 24 hours with a market cap of $590 billion but still posted a gain of around 0.66% over the last week.</p>