[Bitcoin Now] 'Expected Level' FOMC Minutes Show Sideways Trend... Ukraine Situation Remains a Variable

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Bitcoin, the leading cryptocurrency, is maintaining the 53 million KRW range as the minutes of the January Federal Open Market Committee (FOMC) meeting of the U.S. Federal Reserve (Fed), which had raised concerns about tightening, did not deviate from expectations.

According to the domestic cryptocurrency exchange Upbit, as of 11:22 AM on the 17th, the price of Bitcoin is trading at 53.39 million KRW, up 0.02% (6,000 KRW) from the previous day.

The Bitcoin price appears to have shown little fluctuation as news spread that the FOMC minutes released on the 16th (local time) were in line with expectations. According to the FOMC minutes, most participants stated that "if inflation does not fall as expected, it would be appropriate to remove policy accommodation at a faster pace than currently anticipated." Many also confirmed the opinion that "the Fed currently holds too many assets" and that "a substantial reduction is appropriate." After the minutes were released, experts gave evaluations that the content was as expected.

Geopolitical tensions remain a variable. If the tech-heavy U.S. Nasdaq index falls due to rising tensions, the Bitcoin price, which has recently shown a synchronization trend, could also decline. Russia announced that it has withdrawn some troops near the Ukraine border, but the U.S. has denied this, stating it cannot confirm the withdrawal. Additionally, the AP News, citing a senior U.S. official, reported that "Russia's claim of troop withdrawal is false, and instead, it has deployed up to 7,000 additional troops near the border with Ukraine."

This content was produced with the assistance of AI translation services.