Bitcoin Holds Above $28k Ahead Of Crucial FOMC Meeting

Twitter icon  •  Published il y a 1 an  •  Hassan Maishera

Bitcoin has maintained its price above $28,000 ahead of the Federal Reserve’s interest rate decision later today.

TLDR;

  • Bitcoin is trading above $28k once again ahead of today’s FOMC meeting.

  • Altcoins have also been performing excellently as the market recovers.

Bitcoin Stays Above $28k

Bitcoin, the largest cryptocurrency by market cap, dipped below the $28k level yesterday as investors await the Federal Reserve’s interest rate decision. 

However, the cryptocurrency has recovered and is now trading at around $28,200 per coin. Bitcoin is up by more than 2% and could rally higher if the Fed’s interest rate decision goes as investors expected.

The Federal Reserve is expected to increase the interest rate by 25 basis points, a move the market considers to be neutral. Increasing the interest rate by 50 basis points or more indicates that the Fed is still hawkish, and the crypto market could record huge losses afterward.

However,  by leaving the interest rate as it is, investors would view the Fed as being dovish, and that could see the prices of Bitcoin and other major assets rally higher. 

Bitcoin has surged by more than 15% over the last seven days and nearly 70% since the start of the year. Breaking past the $30k psychological level could increase the risk appetite of the bulls and could see Bitcoin reach new yearly highs over the coming days and weeks.

Altcoins Are Also Rallying

Bitcoin is not the only cryptocurrency that is performing well today. The leading altcoins, including Ethereum, BNB, Solana, and XRP, are all trading in the green zone. 

Ether is close to breaking past the $1,800 resistance level after rallying by more than 3% today. XRP is the best performer amongst the top 10 cryptocurrencies by market cap and is now trading at $0.45 per coin.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.