In this week’s episode of The Market Report, analyst Marcel Pechman discusses Bitcoin’s recent price action and the upcoming FOMC meeting. Investors are speculating that interest rates might be paused, leading to Bitcoin’s strength ahead of the meeting. However, Pechman expresses skepticism about recent inflation data indicating the Federal Reserve’s 2% target was within reach.
Pechman also 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. He ponders whether this activity was related to the FOMC meeting but considers it unlikely to be a short-term event.
The show also covers the Securities and Exchange Commission’s request to access Binance.US’ software. Pechman explains that while it may 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. He 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.
Overall, this episode of The Market Report provides insights into Bitcoin’s price action and the potential impact of the upcoming FOMC meeting, as well as the legal challenges faced by Binance.US.