Bitcoin Price Stable Amid Fed Rate Hike Anticipation

Bitcoin Price Stable Amid Fed Rate Hike Anticipation
Bitcoin has hit a fresh record high in terms of the supply held by long-term investors, according to recent data. Despite an anticipated interest rate increase by the Federal Reserve, the crypto giant's price continues to hold steady.
Analysts have determined that a hefty 75% of the circulating supply of Bitcoin, the biggest digital currency in terms of market capitalization, is held by investors who have been in the market for at least 155 days. Although there's no universally accepted definition of a long-term holder, a period of 150 days is generally considered a reasonable benchmark.
Long-term Bitcoin holders now control approximately 14.52 million coins, an unprecedented quantity. Short-term holders and speculators, on the other hand, own the remaining 25% of the roughly 19.5 million Bitcoins in circulation.
Over the past month, long-term holders have incrementally increased their stake as the USD valuation of Bitcoin hovered around $30,000.
Investors are holding their breath for the Federal Open Market Committee (FOMC) meeting slated for this Wednesday. The consensus expectation is a 25-basis-point rate hike announcement, a factor that is causing the current uptrend to pause momentarily.
What does this mean for me?
The robust U.S. job market continues to provide the U.S. central bank the room to tighten monetary policy. It is expected that the Fed will implement two more hikes before the year is out.
Crypto market sentiment remains cautiously optimistic. Approximately 55% of the Bitcoin supply has not shifted for the past two years, suggesting that long-term holding is becoming more popular while short-term speculation is on the wane.

More news

Do you need help or have a question?