Bitcoin (BTC) is starting to move back into an increasingly tight range after last week’s gains. However, volatility could pick up quickly again tonight. Bitcoin didn’t get much further than $20,600 yesterday and then briefly dipped back to $20,250. The price then started to recover, but is already struggling with $20,500 this morning. The BTC price drops to $20,420 on Binance and $20,650 on Bitvavo at the time of writing.
This means that the bitcoin price is today 0.8% in the minus. The trading volume decreased by 14.5% in the past 24 hours. Total market capitalization is $392 billion and dominance at 38.8%. The Fear & Greed Index comes in at 30 (Fear).
Bitcoin Fear and Greed Index is 30. Fear
Current price: $20,487 pic.twitter.com/IVNFOrVd2c
— Bitcoin Fear and Greed Index (@BitcoinFear) Nov 1, 2022
How Volatile Will Bitcoin Become Today After FOMC?
Today after the Federal Open Market Committee (FOMC), the Federal Reserve will announce the percentage by which US interest rates will be raised. This is expected to be 0.75%. Should this turn out higher, many financial markets are likely to react negatively, but possibly positively if this turns out lower.
Perhaps just as important is Fed Chair Jerome Powell’s speech today. He may be hinting when a so-called “Fed pivot,” or policy reversal, will follow. There is a good chance that markets will react strongly anyway today, as that has happened after every FOMC this year.
The announcement will be made today at 19.00 Dutch time and the speech will follow at 19.30. It can therefore still be exciting today and the prices volatile.
— GURGAVIN BLOOMBERG (@gurgavin) Nov 1, 2022
Largest Bitcoin Miner Considers Bankruptcy
Bloomberg reports that Core Scientific, the largest bitcoin mining company in the world, is now considering bankruptcy. Bitcoin miners have been having a hard time in recent months due to the high competition, high costs and low price. If Core Scientific capitulates, it could create a lot of selling pressure.
Creditors of Bitcoin Miner Core Scientific have tapped restructuring lawyers as the company weighs a potential bankruptcy https://t.co/qStOBn1jrM
— Bloomberg Crypto (@crypto) Nov 2, 2022
Bitcoin Lightning Network bug
The Bitcoin Lightning Network experienced problems yesterday. Some Lightning nodes were down due to a synchronization problem, but Lightning Labs now has a so-called hot fix released.
📢 Attention lnd node operators: please update your nodes to 0.15.4 ASAP!
We are aware of the current issue causing some lnd nodes to stop syncing due to an issue with btcd’s wire parsing library, and have released a hot fix (v0.15.4) for lnd. https://t.co/pqRMGTjP0v
— Lightning Labs⚡️🍠 (@lightning) Nov 1, 2022
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