$BTC hovers at about $28,000 a day before the federalreserve's rate decision. Analysts predict if the Fed raises rates by 0.25 percentage point, the market shouldn’t react aggressively. LedesmaLyllah reports.
After surpassing $28,000 for the first time in nine months, bitcoin has been trading in a tight range
between $27,300 and $28,350 over the past 24 hours, as investors await a decision by the Federal Reserve on interest rates on Wednesday. Traders are predicting a 25 basis point increase. The world’s largest cryptocurrency appears to be stalling at about $28,000. Swissblock Insights wrote in a report that the market appears to be betting on a 0.25 percentage point rate hike. “If the Fed proceeds to raise rates, the market shouldn’t react as aggressively.
"Pricing divergence between equities and crypto markets may not be so wide as we initially thought," Gabriel Selby, lead research analyst at CF Benchmarks, said in an email, referring to the concurrent rally in bitcoin and the Nasdaq/S&P 500 ratio amid banking turmoil in the U.S.
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