Indodax Says Crypto Market Movements Influenced by FOMC Outcomes

Jakarta – The movement of the cryptocurrency asset market is currently influenced by the outcomes of the Federal Open Market Committee (FOMC) meeting of the United States Federal Reserve, The Fed. This is shaping new expectations among investors regarding monetary policy.

Indodax Vice President Antony Kusuma stated that Bitcoin prices experienced a decline to around US$70,000 after the FOMC meeting results indicated signals of monetary policy that remains inclined towards tightness.

Previously, Bitcoin had strengthened approaching US$76,000 on Tuesday (17/03), driven by institutional fund inflows into spot Bitcoin ETFs amounting to US$199.37 million for the seventh consecutive session. Meanwhile, the total inflows over seven days reached US$1.16 billion.

“This shows significant investor interest that remains intact despite market volatility; however, following the FOMC meeting, investors made adjustments that affected price movements, reflected in a correction of around 7–8 percent,” said Antony, quoted from his statement on Saturday, 21 March 2026.

According to him, the FOMC’s decision to maintain the benchmark interest rate and upwards revision of the 2026 inflation projection indicates the direction of The Fed’s policy that remains hawkish.

“The market has picked up signals that inflation has not decreased as quickly as hoped, thus limiting liquidity to risky assets like crypto. However, this is part of the market’s adjustment to evolving global economic dynamics,” Antony remarked.

In its latest decision, The Fed maintained interest rates in the range of 3.50–3.75 percent and raised the 2026 inflation projection to around 2.7 percent. Fed Chair Jerome Powell conveyed that interest rate cuts will heavily depend on inflation developments, amid uncertainties from Middle East conflicts and rising energy prices.

This situation, Antony continued, makes the chances of interest rate cuts in the near term more limited, thereby affecting interest in risky assets, including crypto. Bitcoin’s current movement is in the range of US$70,000, with the US$70,000–72,000 area serving as an important support level monitored by investors.

As long as this level holds, price movements have the potential to remain stable in the short term, supported by institutional fund inflows that help absorb selling pressure. “However, if the price breaks through this support level, price adjustments could continue to lower levels,” he said.