The US central bank published the minutes of its September 15 and 16 meeting on October 7. They contain the sentence the crypto market has been pricing in since Wednesday evening: most partic
The US central bank published the minutes of its September 15 and 16 meeting on October 7. They contain the sentence the crypto market has been pricing in since Wednesday evening: most participants considered a further increase in the target range for the federal funds rate by the end of the year to be appropriate. Bitcoin stood at $82,439, or 73,739 euros, on Thursday midday, down 1.51 percent within 24 hours.
What has changed since last week is not the price but the direction of expectations. At the start of October many market participants still read the weak US labour market report as an argument for a pause. The minutes now show that the majority on the committee thought otherwise in September. For holders in Germany, three very concrete things hang on this: the distance to liquidation on leveraged positions, the holding period for tax, and the question of where the coins sit.
The minutes of an FOMC meeting appear around three weeks after the meeting and are the most detailed public document on the committee's stance. They are neither a forecast nor a commitment, but a summary of the discussion.
The decisive passage, in the Fed's own wording, is that most participants judged a further increase in the target range by the end of the year to be likely appropriate. Alongside it, the document records that participants approach every meeting with an open outcome and that their decision depends on the incoming data. Both sentences belong together, and reading only the first overstates how far the committee has committed itself.
On prices the minutes note that inflation remains elevated relative to the committee's two percent objective. At the same time, market-based and survey-based expectations for the medium and longer term stood at levels consistent with precisely that objective. The central bank therefore sees a current price problem but no unanchored expectations. That is why the rest of the document is worded so cautiously.
On September 16 the committee raised the target range by a quarter point to 3.75 to 4.00 percent. The minutes record that all members agreed; the vote went 12 to 0, with no dissent.
A unanimous increase is a stronger signal than a narrow one. It means that the members who understood the step more as a precaution went along with it too. Both readings sat side by side in the discussion: some participants saw the September step as insurance against a risk, others as the beginning of a tightening cycle. That difference is the reason the minutes do not lay down a path.
The minutes appeared on the evening of October 7, in the middle of US trading hours: the crypto market reacted within hours, not the next morning.
On Thursday midday, Bitcoin stands at $82,439, or 73,739 euros. The daily low is $82,318 and the daily high $83,713. Over seven days that makes a loss of 1.28 percent, and within 24 hours one of 1.51 percent.
The range of around $1,400 between low and high is remarkably narrow for a day without a crypto event of its own, and it argues against a panic move. According to the specialist service bitcoinbasis.de, the price had already fallen on October 7 from around $85,500 to roughly $83,900, steadied briefly at about $83,400 after the release at 8 p.m. German time, and eased to around $82,800 by Thursday morning. The larger part of the move therefore ran ahead of the document, not after it.
Ethereum follows the pattern more weakly: Ether trades at $2,535.89, or 2,268.27 euros, in the same reading, down 1.64 percent in 24 hours and down 5.19 percent over seven days.
The real interest rate is the nominal rate less expected inflation. It describes what an investor keeps after the loss of purchasing power when putting money into an interest-bearing investment instead of an asset that pays no interest.
This is exactly where a document from Washington connects to a Bitcoin holding in a German portfolio. Bitcoin pays neither interest nor a dividend. When the real interest rate rises, the amount a holder forgoes grows, and that opportunity cost is the channel through which rate policy works on the price. It is also why the market reacts more strongly to minutes than to many project-specific news items.
A rate decision is already priced in the moment it is taken. What is new each time is the information about the next step, and the minutes deliver that. A price target from a research house, by contrast, changes nothing about opportunity cost.
The minutes describe the September meeting. The futures markets trade the future, and they contradict it in part. The available analyses cite different figures: FXStreet reports expectations for an October hike having fallen below 22 percent, while the provider Raisin cites a hold probability of around 81 percent for the October meeting, against roughly 54 percent a month earlier. The two values measure different questions and cannot be set against each other directly; they nevertheless point the same way.
Then there is the labour market. The most recently reported gain of 29,000 jobs with an unemployment rate of 4.2 percent suggests a cooling employment picture, which argues against a quick further increase. The bank ING, according to FXStreet, sees a December hike as its base case. Between the minutes and the market there is therefore no contradiction about the destination, but one about the timing.
Anyone buying regularly on fixed dates meets this uncertainty in any case: a savings plan on Bitcoin buys on its execution day at whatever price applies then, regardless of which meeting comes next.
In Germany the holding period decides whether a gain becomes taxable at all, and it does so regardless of what the Fed decides.
For private investors in Germany, the sale of crypto assets is a private disposal transaction under Section 23 of the Income Tax Act. If more than twelve months lie between purchase and sale, no income tax falls due on the gain. Within that period the gain is taxable, and at your personal rate rather than the flat withholding rate.
Alongside it stands an exemption limit: if the total gain from private disposal transactions in the calendar year comes to less than 1,000 euros, it stays tax free. An exemption limit is not an allowance. Once it is exceeded, the entire gain is taxable, not merely the part above the threshold.
The connection to the rate path is direct. A sale driven by fear of rates can destroy an almost expired one-year period and turn a tax-free gain into a taxable one. The purchase date of every single position is therefore a number that should be on the table before December 9.
A liquidation is the forced closing of a leveraged position as soon as the collateral no longer suffices. It affects positions on margin, not the holding in your own wallet.
At a price of $82,439 and a daily low of $82,318, the distance to the low is less than a sixth of a percent. Working with tenfold leverage, a fall of around ten percent wipes out the entire collateral; with twentyfold leverage five percent is enough. Two meeting dates with an open outcome are still ahead this year, and swings of several percent within minutes are documented on days like those.
First, the liquidation price, which every exchange shows for each position. Second, the percentage distance of that price from the current price. Third, the question of whether your platform permits a loss beyond the deposit or cuts off at zero. Under the European rulebook, retail clients enjoy negative balance protection on CFDs; on crypto derivatives on unregulated platforms it does not apply.
A rate cycle changes nothing about the custody question technically, but it does change its urgency. Phases with high trading volume and fast price moves are precisely the phases in which withdrawals are delayed and platforms come under load.
Holding your coins on a trading platform lets you react quickly but leaves you carrying the custodian's risk. Running your own keys removes that risk but requires time for a transfer, and on a volatile day that time is not always there. Splitting by purpose resolves the conflict in practice: the part that is traded stays reachable, the long-term holding does not.
According to the Open Market Committee's calendar, two meetings remain in 2026: on October 27 and 28, and on December 8 and 9. The December meeting carries a note in the Fed's calendar, because an updated round of projections belongs to it.
That note makes the December date the more important of the two. A projection round publishes the individual participants' rate expectations and is therefore the next occasion on which the wording from the September minutes translates into figures. The decision itself falls on the second day of each meeting.
The source for the wording and the decision is the minutes of the FOMC meeting of September 15 and 16, 2026.
(As of October 8, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
