Bitcoin traded at $80,693 on Saturday afternoon, 1.25 percent lower than 24 hours earlier, according to market data from CoinGecko. What is on the record: the US Federal Reserve sets its policy rate on Wednesday, October 28, and at around 9am German time on Friday morning, bitcoin contracts worth $11.1 billion expire on the Deribit options exchange. Our own assessment follows further below: the closer of the two dates is not the more important one.
The question this week is not whether the Fed raises rates, but when. The minutes of the September meeting state that one further increase before the end of the year would likely be appropriate. After Wednesday, exactly one meeting is left for it. For where the price can go over a horizon of months, see our bitcoin price prediction.
What Washington decides on Wednesday
The Federal Open Market Committee, or FOMC, meets on October 27 and 28. This body sets the target range for the US federal funds rate. The decision is published on Wednesday at 2pm local time in Washington, which after the European clock change is 7pm German time; the press conference...
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