The broader CoinDesk Market Index (CMI) was ahead 1% for the day. Notably underperforming was ether (ETH), with a gain of just 0.1%.
Earlier Tuesday, bitcoin had rallied to its highest price in three weeks at $27,475, but – as has been the pattern for months – sellers quickly emerged.
The results of the Fed policy meeting come tomorrow
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will conclude its two-day policy meeting on Wednesday. The FOMC is universally expected to hold its benchmark fed funds rate steady at a range of 5.25%-5.50%, but market participants will be focused on the central bank’s updated economic projections and Chairman Jerome Powell’s post-meeting press conference for clues about the future direction of monetary policy.
The FOMC’s next meeting is at the start of November, and investors are currently pricing in a 70% chance of continued steady policy. An unexpectedly hawkish lean to the updated economic projections or Powell comments could serve as a negative catalyst to both crypto and traditional markets.
- DOGE PREDICTION. DOGE cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- SXP PREDICTION. SXP cryptocurrency
- AVINOC PREDICTION. AVINOC cryptocurrency
- HOW MUCH IS KNC
- HOW MUCH IS ALICE
- HOW MUCH IS SHIBA INU
- HOW MUCH IS ELF
- HOW MUCH IS OP
- HOW MUCH IS ERG