Bitcoin Hangs on Just Above $27K Ahead of Fed Rate Decision
CoinDesk
19 Sep 2023 8:34 PM
The Fed on Wednesday is widely expected to hold rates steady, but investors will monitor new economic projections and Chairman Powell's press conference for clues about the direction of future policy....
- Bitcoin attempted a rally but was unable to sustain it, trading at $27,180 with a 1.4% increase in the past 24 hours.
- Ether underperformed with a gain of only 0.1%.
- The U.S. Federal Reserve's Federal Open Market Committee (FOMC) will conclude its policy meeting, with expectations of a steady benchmark fed funds rate.
- Market participants are focused on the FOMC's economic projections and Chairman Jerome Powell's post-meeting press conference for clues on future monetary policy.
- There is a 70% chance of continued steady policy, but any unexpectedly hawkish lean could negatively impact both crypto and traditional markets.
The sentiment of the article is neutral to slightly cautious. It highlights the attempted rally of Bitcoin and the underperformance of Ether. The focus on the FOMC meeting and the potential impact on both crypto and traditional markets suggests a cautious outlook.
You May Ask
What was the price of Bitcoin during the attempted rally?How did Ether perform compared to Bitcoin?What is the expectation for the Federal Reserve's benchmark fed funds rate?What are market participants focused on during the FOMC meeting?What could be the potential impact of a hawkish lean in the updated economic projections or Powell's comments?