The crypto market is buzzing with activity as Bitcoin (BTC) and Ethereum ($ETH ) surge ahead of the US Federal Reserve's policy decision. Here's a rundown of the latest developments:
- Bitcoin Price: $BTC rose to $94,000, a 4% increase, as traders position for a possible interest rate cut. The cryptocurrency is currently trading around $92,554.
- Ethereum Rally:ETH jumped nearly 7% to $3,325, fueled by institutional accumulation and declining exchange reserves.
- Altcoin Performance: Major altcoins, including $XRP , Solana, Dogecoin, Cardano, and Hyperliquid, saw significant gains, contributing to a rise in global crypto market capitalization to $3.16 trillion.
- Fed Rate Cut : The Federal Reserve is expected to announce a 25-basis-point rate cut, with markets almost fully priced in. A dovish tone could trigger a liquidity-driven rally, while a hawkish stance may prompt short-term profit-taking.
- Market Sentiment: Analysts remain cautiously optimistic, citing improved sentiment and short covering. However, some warn of potential volatility ahead of the Fed's decision.
- Other News:
- Stripe acquires Valora wallet team to expand stablecoin services.
- Abu Dhabi's Mubadala Capital explores tokenized private market access.
- Japan plans to move crypto regulation from payments law to securities rules.
Stay tuned for more updates on the crypto market!