On this week’s episode of The Market Report, analyst Marcel Pechman discusses Bitcoin’s (BTC) strength ahead of the United States Federal Reserve’s Federal Open Market Committee (FOMC) meeting, with investors betting on an interest rate freeze.
Pechman expresses skepticism about the claim that recent inflation data indicated the Federal Reserve’s 2% target was within reach, citing the time lag for interest rate changes to impact inflation and previous instability caused by rate increases.
Moving on, Pechman addresses the decreasing supply of Bitcoin on exchanges, seen as a bullish signal. However, he disagrees that this alone was responsible for Bitcoin’s price surge. Marcel also ponders whether this activity was related to the FOMC meeting but considers it unlikely to be a short-term event.
The next topic covered in the show is the Securities and Exchange Commission’s request to access Binance.US’ software. Pechman explains 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.
Pechman speculates that Binance was seeking a delay and extension to provide documents or reorganize its operations. Pechman emphasizes the judge’s remarks against Binance and acknowledges the challenges it might encounter in dismissing the accusations, as well as the potential implications for the exchange’s future.
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