Today’s cryptocurrency price: Before the FOMC meeting, Bitcoin is trading above $83,100
Ahead of the Federal Reserve’s monetary policy announcement on Wednesday, Bitcoin and other major cryptocurrencies rose sharply as investors evaluated the possible effects of Trump’s tariff measures.
In addition to an updated summary of economic projections (SEP), the Fed is generally expected to maintain interest rates in its policy statement.
Although Fed officials have indicated a cautious stance, preferring to wait for economic data before making any policy changes, markets are presently pricing in rate reduction of roughly 60 basis points (bps) this year.
As of 12:15 am IST, Bitcoin was up 1% at $83,174, while Ethereum rose over 2% to $1,935. The global crypto market valuation grew 0.79% to $2.72 trillion in the past 24 hours.
“As the Federal Reserve’s two-day policy meeting progresses, markets have remained cautious yet hopeful. Investors are keeping an eye out for any dovish turn amid economic uncertainty, even though no rate cuts are anticipated. Shivam Thakral, CEO of BuyUcoin, stated that the Fed’s updated dot plot and commentary will be important markers of the direction of future policies.
According to Glassnode data, Bitcoin is still trading around $83,000 and is beginning to accumulate. Alankar Saxena, co-founder and CTO of Mudrex, stated, “Historically, this shift from distribution to accumulation indicates a recovery, indicating renewed investor interest.”
“Monday’s $274 million inflows into spot Bitcoin ETFs were the most in six weeks. Any Fed announcement about quantitative tightening may lead to a breakout above $85,000, which would increase investor confidence, Saxena continued.
XRP increased 1.6%, Solana gained 2%, Cardano gained 1.2%, and Dogecoin gained 1% among altcoins. Avalanche, Stellar, Tron, and Toncoin all saw increases of 3% to 5%.
With dominance reaching 60.63%, Bitcoin’s market capitalization soared to $1.65 trillion. According to CoinMarketCap, stablecoin volumes made up 94.39% of all cryptocurrency trade at $67.17 billion, while its 24-hour trading volume fell 3% to $23.82 billion.
Tech analysis by Unocoin Co-Founder & CEO Sathvik Vishwanath
: Bitcoin needs to turn $85,000 into support in order to reach $90,000 targets and retake the 200-day EMA. On March 17, $274 million was invested in Bitcoin ETFs, bolstering bulls. Bears target levels below $78,000, with $74,000, $71,300, and $66,810 serving as important support. For positive momentum to be confirmed, Bitcoin has to recover $86,250.