Bitcoin Stays Below $30k As Investors Look Ahead To Next Fed Rate Decision

TL;DR

• Bitcoin continues to trade below the $30k level as investors look towards the next Fed rate decision.

• Dogecoin is up by nearly 4% in the last 24 hours, outperforming the other major cryptocurrencies.

Bitcoin Still Trading Below $30k

Bitcoin, the world’s leading cryptocurrency by market cap, has been trading below the $30k level for the second consecutive day this week. BTC is up by less than 1% in the last 24 hours and is currently trading just above $29,200 per coin.

The stagnant performance comes as investors are waiting for the next Fed rate decision. The Federal Reserve is set to make a decision on the interest rate later today, with market experts expecting a 25 basis point (bps) rate increase.

Inflation worries will likely see the Fed increase interest rates, which could further affect Bitcoin’s performance in the near term. Bitcoin has been defending the $29k level since the start of the week, but the Federal Reserve resuming its interest rate hike could see Bitcoin’s price dip further in the near term.

Despite Bitcoin’s poor performance in recent days, DOGE, the native coin of the Dogecoin ecosystem, has been performing excellently. DOGE has added more than 4% to its value in the last 24 hours, outperforming the broader crypto market.

Dogecoin’s positive performance comes as speculations resume that DOGE could become a payment option on X (formerly known as Twitter). Elon Musk’s rebranding of Twitter to X saw the speculations resume as the world’s richest man looks to turn the company into the most powerful brand in the world.