CoinDesk
Bitcoin (BTC) is trading in a tight range around $77,000 in morning U.S. action on Wednesday, with major stock indices posting small gains after three consecutive negative sessions. Crypto traders are sitting on their hands ahead of two catalysts stacked into a single afternoon: minutes from the April FOMC meeting, due at 2:00 pm ET, and Nvidia's quarterly earnings, released after the close.
Why it matters
The April meeting was the last chaired by Jerome Powell before Kevin Warsh is sworn in as Fed chair on Friday, giving the minutes an unusually high signal value. The meeting also produced four dissents — one from Stephen Miran, who wanted a rate cut, and three from members pushing the Fed to strip any language pointing toward an easing bias. Since then, bond markets globally have sold off sharply as unexpected economic strength and resurgent inflation have forced rate traders to reprice the path of policy.
Market impact
A large move in Nvidia tends to drag the Nasdaq, and crypto's correlation with that index remains close enough that any surprise is likely to spill into BTC's tape. With both the minutes and the earnings landing in the same session, traders are pricing for a volatility event even though spot action has stayed muted all morning.
Frequently asked questions
-
Why are crypto prices flat ahead of the FOMC minutes?
Bitcoin is trading in a tight range around $77,000 as traders wait for two catalysts in one session: the April FOMC minutes at 2:00 pm ET and Nvidia's earnings after the close, both of which can move risk assets sharply.
-
What makes this FOMC minutes release different?
It was the last meeting chaired by Jerome Powell before Kevin Warsh is sworn in as Fed chair on Friday, and the meeting produced four dissents — one from Stephen Miran pushing for a rate cut and three from members urging the Fed to drop easing-biased language.
-
What has happened in bond markets since the April FOMC meeting?
Global bond markets have sold off sharply as unexpected economic strength combined with resurgent inflation, forcing rate traders to reassess the likely path of monetary policy.
-
Why does Nvidia's earnings matter for crypto?
Nvidia is a tech bellwether whose stock moves tend to drag the Nasdaq. Crypto's correlation with that index remains close enough that a large earnings surprise from NVDA is likely to spill into Bitcoin's tape.
-
Who is Kevin Warsh and when does he take over as Fed chair?
Kevin Warsh is set to be sworn in as Federal Reserve chair on Friday, replacing Jerome Powell, who chaired his final FOMC meeting in April.
CoinTelegraph
Crypto News
Crypto Rank News
TheBlock
WuBlockchain