BTC price struggles below $39K ahead of expected interest rate hike by the Fed By Cointelegraph

The blockchain community got a bit of good news on March 14 after regulators in the European Parliament’s Committee on Economic and Monetary Affairs rejected a ban on proof-of-work (PoW) based cryptocurrencies like (BTC) that would have had significant ramifications for the crypto industry.

Data from Cointelegraph Markets Pro and TradingView shows that despite the positive development, Bitcoin continues to trade sideways near the $39,000 level amid geopolitical uncertainty and the possibility of a Federal Reserve interest rate hike later this week. CME Fed Fund futures prices suggest that traders are pricing in a March 16 rate hike with 100% confidence.