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Bitcoin, Ether trade lower ahead of FOMC meeting

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Bitcoin, Ether trade lower ahead of FOMC meeting

Bitcoin and Ether were trading lower in anticipation of the upcoming US Fed meeting, which is widely expected to raise interest rates by 75 basis points.

  • At 12:30 pm, bitcoin was trading at USD 21,130. 
  • HKT on Tuesday, according to data from CoinMarketCap, is down 3.3% in the past 24 hours. 
  • The data shows that the price of Ethereum is down 5.5% in 24 hours to $1,430. 
  • The Federal Open Market Committee, due to meet on Wednesday and Thursday, expects interest rates to rise 75 basis points for the second month in a row.
  • The US consumer price index jumped 9.1% in June from a year earlier, reaching a four-decade high. According to a Bloomberg poll, economists are predicting a slower pace of interest rate hikes this week after the expected hike.

Bitcoin and Ethereum are seeing continued selling pressure as the turn from summer to fall approaches. However, interest rate hikes on Tuesday could help stabilize price action as traders pay close attention to FOMC meeting statement results.

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