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The Market Report: Bitcoin Strength Ahead of FOMC Meeting

On this week’s episode of The Market Report, analyst Marcel Pechman discussed the strength of Bitcoin (BTC) leading up to the Federal Open Market Committee (FOMC) meeting of the United States Federal Reserve. Investors are betting on an interest rate freeze.

Pechman expressed doubts about the claim that recent inflation data indicated the Federal Reserve’s 2% target was within reach, as the time lag for interest rate changes to impact inflation and previous instability caused by rate increases must be taken into account.

The decreasing supply of Bitcoin on crypto exchanges was seen as a bullish signal. However, Marcel disagreed that this alone was responsible for the crypto currency’s price surge. He also pondered whether this activity was related to the FOMC meeting, but considered it unlikely to be a short-term event.

The next topic covered in the show was the Securities and Exchange Commission’s request to access Binance.US’ software. Pechman explained that while it might seem like the SEC faced a loss in court, the judge expressed doubts about Binance.US’ control of its assets and requested more evidence.

Judge Pechman’s remarks against Binance, and the possibility of the exchange facing dismissal of the accusations and its potential implications, have been highlighted by Pechman. He speculates that Binance was attempting to delay and extend the time to present documents or reorganize its operations.

For the latest on celsius crypto, crypto currency, crypto binance, coti crypto, crypto crisis, the best crypto channel, crypto cointelegraph, crypto alerts on YouTube, AI YouTube, and AI anchor software, be sure to check out The Market Report on the new Cointelegraph Markets & Research YouTube channel. Don’t forget to hit “Like” and “Subscribe” to stay up to date with all the latest content.

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