Insights

The Fed made the expected 25bps hike, both gold and Bitcoin surged on the news – highest correlation in 6 months

exchange68September 13, 2024

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Quick Take

On Feb. 1, the Fed hiked an expected 25bps — taking the fed funds target to a range of 4.5% to 4.75%.
Chair Powell acknowledged that inflation had “eased somewhat.” However, it remains “elevated,” and “the committee anticipates that ongoing increases in the target range will be appropriate.”
Bitcoin and Gold surged on the news — Bitcoin broke $24,000 while Gold sits above $1,950.
Bitcoin and Gold have a 97% correlation with one another — the highest in 6 months.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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