Top Cryptocurrencies Consolidate Ahead of FOMC Meeting

Published 26/07/2023, 15:51
Top Cryptocurrencies Consolidate Ahead of FOMC Meeting

  • Top cryptocurrencies including Bitcoin and Ether have consolidated ahead of today’s FOMC meeting.
  • Crypto experts expect BTC to rally following the widely anticipated interest rate hike by the US Federal Reserve.
  • Traders’ sentiment appears to be divided with a near 1:1 ratio on BTC long and short positions on major exchanges.

Top cryptocurrencies, including Bitcoin and Ether, are consolidating ahead of today’s FOMC meeting, where a rate hike of 25 basis points is expected. Crypto experts have predicted that an interest rate hike followed by a pause would drive up the price of BTC and ETH, though most traders are looking forward to a pause rather than another hike.

The Federal Open Market Committee (FOMC) meeting scheduled for later today is arguably the most anticipated event of this month for traditional finance. However, its impact has historically spilled over to the crypto market as well, with mainstream cryptocurrencies often reacting to the U.S. Federal Reserve’s stance on interest rates.

According to a report by Bloomberg, analysts at JPMorgan Chase & Co.’s trading desk have projected a 65% probability of an interest rate hike and pause b…

The post Top Cryptocurrencies Consolidate Ahead of FOMC Meeting appeared first on Coin Edition.

The post Top Cryptocurrencies Consolidate Ahead of FOMC Meeting appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.