September 19, 2023 10:27 p.m. | 3 minutes of reading
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Major cryptocurrencies saw a sharp rise Tuesday evening, in anticipation of the Federal Reserve’s next decision.
| Cryptocurrency | Earnings +/- | Price (recorded at 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +2.10% | $27,289 |
| Ethereum (CRYPTO: ETH) | +0.80% | $1,646 |
| Dogecoin (CRYPTO: DOGE) | +1.37% | $0.062 |
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What happened
The Federal Reserve is expected to keep interest rates steady at its meeting on Wednesday. However, investors will carefully analyze the new economic projections and President Jerome Powell’s press conference.
Although Bitcoin’s attempt at a significant rally failed on Tuesday, the supreme cryptocurrency managed to maintain its position above $27,000.
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Best winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 9:30 p.m. EDT) |
| Conflux | +5.77% | $1.14 |
| GMX | +5.68% | $3.34 |
| To burst | +4.84% | $0.0344 |
Currently, the global crypto market cap stands at $1.09 trillion, an increase of 0.87% over the last day.
On Tuesday, stocks fell as investors awaited the results of this week’s Federal Reserve policy meeting.
The S&P 500 fell 0.22% to 4,443.95, while the Nasdaq Composite edged down 0.23% to 13,678.19.
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Analyst Remarks
Crypto analyst, Michel Van de Poppe said on Tuesday that there was a possibility of a correction in Bitcoin that would drop below $26,700.
“The fact that we’re back towards $27,400 is actually a strong signal. I’m not counting on it too much, but the chances of the low being in this zone have increased significantly,” Van de tweeted Poppe.
In another post, he said that Bitcoin held a crucial level between $26,700 and $26,800 and continued to recover. “It’s strong and it looks like we have a continuation of the uptrend here. New range established, new uptrend, new altcoins breaking out.”
Based on a crypto analyst Benjamin Cowen According to the analysis, BTC dominance continues to increase as liquidity from altcoins returns to BTC.
According to CryptoTony, Bitcoin is unlikely to reach $20,000 in a short time if dumped. “It will take a while, in my opinion, just following classic BTC price action.”
Data from Feeling, an on-chain analytics company, revealed that Bitcoin saw a significant increase, reaching $27.2k. The rise can be attributed to the launch of an adoption fund by Nomura, Japan’s largest investment bank.
Photo by FellowNeko on Shutterstock
Read next: Jim Cramer recommends against using Binance and provokes strong reactions from Twitter users
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