Crypto Traders Split on Upcoming Fed Rate Hike’s Impact on Bitcoin

“There is no doubt that Powell will pivot, but the pivot will not be this year, at least until November, and there will be no significant reduction in rate hikes (like 25 bps). The reason is that the Biden administration needs the Fed to join them in expressing its determination and confidence to fight inflation to win the midterm elections in November,” Blofin’s Ardern told CoinDesk.