What the Federal Reserve will decide on the rate hike will have a major impact on the Bitcoin price. What can we expect as the Fed is likely to announce its first rate hike today?
Bitcoin price expectations
Billionaire Michael Novogratz said the Bitcoin price is unlikely to rise much this year if the Federal Reserve raises interest rates. The Fed is expected to announce its first rate hike on Wednesday.
“I don’t think Bitcoin will rise significantly until we get some rest” Said Novogratz during a tv interview on Bloomberg Crypto.
As the Federal Reserve prepares to tighten, investors are rethinking risk and valuations. They also take into account the consequences of the conflict between Russia and Ukraine.
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Russia can’t use crypto to evade sanctions
As the Russian invasion of Ukraine escalates, its impact on the global economy is growing. According to Novogratz, there is no chance that Moscow can use crypto to evade Western sanctions.
Still, it remains something some lawmakers have expressed concern about. One is Senator Elizabeth Warren, but Novogratz believes she is wrong.