Bitcoin (BTC) consolidated below $40,000 on May 5 after U.S. economic policy excitement saw a spike to one-week highs.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewFed sparks little crypto reaction
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The U.S. central bank had conformed to market expectations with a 0.5% key rate hike, also suggesting that similar repeat hikes would follow.
With that, a modest market rally left Bitcoin eerily lacking volatility in what was a strong contrast to previous Fed pronouncements on topics such as inflation.
While many expected risk assets en masse — including crypto — to deflate under the new policy, not everyone believed that such a scenario would cause investors