Cryptocurrencies, blockchain, NFT and new trends

Bitcoin trading up close to $29,000 ahead of Fed decision

Token Projects • March 22, 2023, 1:18PM EDT

Quick Take

  • Bitcoin rose 1.7% as it inched towards $29,000 ahead of the Fed’s latest interest rate decision.
  • The leading cryptocurrency by market cap hasn’t traded above this point since June. 

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Bitcoin continues to trade higher into the U.S. Federal Reserve’s latest interest rate decision. 

The leading cryptocurrency by market cap was trading at around $28,650, up about 1.7% in the past few hours, according to TradingView data. The U.S. central bank is expected to increase rates by 25 basis points.

“The consensus has shifted to what we posted last week, that no hike, or worse, a surprise cut, will ironically signal more panic for markets,” digital asset investment firm QCP Capital wrote in a market update on Tuesday. The policy committee’s decision is “crucial for markets as a pivot.” 

“Bitcoin and gold rallied exponentially partly because of the large Fed liquidity injection, but more so because of the lack of resolve amongst Fed policymakers,” the note read.

The decision is slated for 2 p.m. EDT today.