The November meeting of the U.S. Federal Open Market Committee (FOMC) will take place from November 6-7. It is expected that the interest rate decision will be announced around 2 PM Eastern Time, which is 2 AM on November 8 in Vietnam. Immediately after, there will be a press conference by the FED chairman at 2:30 PM Eastern Time, or 2:30 AM in Vietnam.

Current expectations indicate a high possibility that the FED will cut interest rates by another 0.25%, bringing the federal funds rate down to about 4.5% - 4.75%.

Bitcoin prices typically drop in the hours leading up to the FOMC meeting, as the market anticipates the FED's interest rate decisions. Depending on the economic context, the decline ranges from 3-10%, but the most recent drop just before the FOMC meeting was around 5-7%. Market concerns are that high interest rates may continue to negatively impact bitcoin prices due to increased capital costs leading investors to seek safer assets.

The entire market was flooded with green yesterday due to the excitement from the expectation that Donald J. Trump’s election as president has become a reality.

Currently, Bitcoin prices are trending down after reaching a new ATH.