The $BTCUSD remained rangebound on Tuesday morning as investors watched the rising US Treasury yield and the upcoming Fed decision. Bitcoin
has been under pressure in the past few days as investors react to multiple market forces. First, the crisis in Ukraine has led to a sector rotation from Bitcoin to gold. Indeed, while Bitcoin funds have seen outflows recently, gold has seen significant inflows. This is an indication that investors believe that gold is a better safe haven than Bitcoin.
This performance is likely because of the rising optimism that the Federal Reserve will embrace a more hawkish tone this week. While there are recession risks in the US, the bank’s committee will likely agree that inflation poses a bigger risk currently. Data published last week showed that the American consumer price index jumped to a multi-decade high of 7.9%.
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