Bitcoin taps $63K on Juneteenth as July Fed rate-hike odds near 40%

Bitcoin traded near $63,000 on June 19, 2024, a day marked by a hawkish stance from the Federal Reserve and geopolitical tensions involving Iran and the Strait of Hormuz. The cryptocurrency experienced limited price swings, failing to recover from recent dips. The Federal Reserve's meeting minutes, released on June 18, 2024, indicated a more cautious approach to interest rate cuts, with some officials suggesting a potential for a rate hike if inflation persists. This hawkish sentiment increased the probability of a Fed rate hike in July 2024 to nearly 40%, according to CME FedWatch Tool data. The geopolitical situation, with Iran asserting control over the Strait of Hormuz, added a layer of uncertainty to global markets, though its direct impact on Bitcoin's price on June 19 was not immediately pronounced. Analysts noted that Bitcoin's resilience in the face of these macro-economic and geopolitical pressures suggests underlying support, but significant upward momentum was absent.