Bitcoin Hangs on Just Above $27K Ahead of Fed Rate Decision

6 days ago 16

Bitcoin's (BTC) effort astatine a sizable rally was snuffed retired Tuesday, but the crypto managed to clasp the $27,000 level and was trading astatine $27,180 precocious successful the afternoon, up 1.4% implicit the past 24 hours.

The broader CoinDesk Market Index (CMI) was up 1% for the day. Notably underperforming was ether (ETH), with a summation of conscionable 0.1%.

Earlier Tuesday, bitcoin had rallied to its highest terms successful 3 weeks astatine $27,475, but – arsenic has been the signifier for months – sellers rapidly emerged.

The results of the Fed argumentation gathering travel tomorrow

The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) volition reason its two-day argumentation gathering connected Wednesday. The FOMC is universally expected to clasp its benchmark fed funds complaint dependable astatine a scope of 5.25%-5.50%, but marketplace participants volition beryllium focused connected the cardinal bank’s updated economical projections and Chairman Jerome Powell’s post-meeting property league for clues astir the aboriginal absorption of monetary policy.

The FOMC’s adjacent gathering is astatine the commencement of November, and investors are presently pricing successful a 70% accidental of continued dependable policy. An unexpectedly hawkish thin to the updated economical projections oregon Powell comments could service arsenic a antagonistic catalyst to some crypto and accepted markets.

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