Bitcoin stable in the middle of $ 23,000 before the first FOMC meeting of 2023: Market observation

Bitcoin stable in the middle of $ 23,000 before the first FOMC meeting of 2023: Market observation

The first US FomC session should come to an end today, and the Fed is expected to raise interest rates by another 25 basis points.

In the middle of the growing expectation, Bitcoin and most of the cryptom market remain calm, but the story shows that there could be a lot of volatility later a day.

The calm before the storm?

The primary cryptocurrency reached a five -month high on Sunday evening only a few centimeters away from $ 24,000, but was stopped before it had the chance to recapture this level shortly afterwards.

The subsequent rejection pressed the asset greatly south, and BTC slipped by over $ 1,500 to a multi -day low of $ 22,400 (on Bitstamp).

The bulls came back a day later to play and helped to win Bitcoin again. As such, it rose to $ 23,000 and has spent most of the last 24 hours around this line.

All eyes of the financial markets are now aimed at the end of the first FOMC meeting of the year. In a few hours, Fed boss Jerome Powell is expected to announce the latest interest increase by 25 basis points.

In view of the historical relationship between these events and BTC, it can be assumed that further price fluctuations will occur during the day.

BTCUSD. Tradingview

Altcoins also remain calm

Even the typically more volatile alternative coins stagnate on a 24-hour scale. Ethereum rose to over $ 1,600 due to news about the Shanghai update, but went back shortly afterwards and is currently below this level.

Binance Coin has dropped by over 1 % in the same period, but is still over $ 399. Dogecoin, polygon, OKB, Solana, Polkadot, Shiba Inu and Avalanche are now also on the road with small losses.

Cardano has risen by 2 % after the introduction of native oversured stablecoin - DJED. Litecoin, Atom and Ripple also recorded minor profits.

The entire crypto market capitalization also remains at almost $ 1.050 trillion.

Overview of the cryptocurrency market. Quantify crypto