This happens after the latest macroeconomic data from the United States became known and the markets focused on the inflation data from that country that will be released next week. On Thursday night, the sanction of the Securities and Exchange Commission (SEC) against the Kraken exchange and promised it to stop offering betting services to its customers. In addition, the platform agreed to pay a fine of US$30 million in restitution, late-payment interest, and civil penalties after accusing it of “failing to register the offer and sale of its crypto-as-a-service betting program.”
What is expected for Bitcoin?
“Basically, the US Nonfarm Payrolls data have confused traders about the Fed’s monetary policy and believe that the Fed could continue with the process of raising interest rates for a few monthssince they see that the US labor market is in a strong position while inflation trends well above its desired level”, explains Naeem Aslam, chief market analyst at AvaTrade, to Bolsamanía.
Likewise, this expert points out that important American banks such as Goldman Sachs increased the probability of a recession in the United States. Although it is true, Aslam points out, that the Fed “does not pay much attention to these blind predictions made by the banks, since, most of the time, they are delayed or adjusted after the fact”, the AvaTrade analyst warns that market sentiment is important for officials of the Federal Open Market Committee (FOMC).
“So today’s message is likely to be interesting and there is a strong possibility that it will cause greater volatility in the markets. If Jerome Powell remains calm and keeps the message inconsistent with the previous one, we could see a rally in the US stock market. This is a scenario that many expect, since they don’t think the Fed is going to surprise the markets with something new and risk their reputation“, Add.
Source: Ambito

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