Bitcoin dips as stock markets await all-important news from the Fed.
tracked a swift decline for BTC/USD around the start of trading, with lows of $43,312 appearing on Bitstamp., these gains dissipating as traders awaited cues from the Fed on inflation, asset purchase tapering and the all-important interest rate hike schedule.
With Bitcoin and altcoins highly correlated with stocks, any testing times for traditional markets in the form of rate hikes could equally spell gloom for crypto investors. The written document, due at 7pm UTC, will cover a meeting of the Federal Open Market Committee from late January. Commenting on the event, Gina Martin Adams, chief equity strategist at Bloomberg Intelligence, argued that reduction of the Fed's balance sheet, now at nearly $9 trillion, could spell worse pain for equities than a rate hike.
"I’m still more worried about the balance sheet than rate hikes.
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