The crypto market is holding its breath. While bitcoin and ethereum show gains today, investors are also looking ahead to tomorrow, when the U.S. Federal Reserve (the Fed) will make a crucial interest rate decision. What could this decision mean for prices?
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Market Watch: Bitcoin and Ethereum Rise #
Investors are waiting in suspense for the important interest rate decision from the U.S. Federal Reserve, which is set to arrive tomorrow. A potential rate cut could have major consequences for the crypto market. A rate cut makes saving less attractive and borrowing cheaper, leading investors to seek returns in riskier markets. This channels more capital toward assets like crypto.
The chance of a cut is plausible and has likely already been partially priced into current rates. According to figures from the CME Group, there is an 87% chance that the Fed will announce a 25 basis point interest rate cut. However, it is not a guarantee, and the decision could go differently.
In addition to the interest rate decision, investors are anticipating the speech from Fed Chair Jerome Powell. Investors will try to gauge the Fed’s view of the economy from Powell’s words and what they can roughly expect for the next interest rate decision.
Tomorrow is therefore another exciting day for the crypto market where volatility can be expected. Today, that volatility is still absent; investors seem to be calmly waiting to see what tomorrow brings, and this is reflected in the prices.
Bitcoin has risen by 1.2% to $91,100 in the past 24 hours. The chart below may seem to show significant price fluctuations, but it is zoomed in on the range between $90,000 and $91,000.
Ethereum has also risen by about 1% today to $3,150. The coin is thus continuing its positive trend this week: in the past seven days, ethereum is up 11%. Other major coins like bitcoin and XRP managed to rise by 2 to 4% in the same period.
The extra sharp rise in ethereum is accompanied by various positive news for the coin: for example, it was announced yesterday that asset manager BlackRock is launching a new Ethereum exchange-traded fund with staking capabilities.
Today’s Top Gainers in the Top 100 #
The crypto market is colored predominantly green today, with the popular cardano among the top 5 hardest risers.
| Name | 24h Rise | Price |
|---|---|---|
| Provenance Blockchain | 9% | $0.031 |
| MemeCore | 8.5% | $1.35 |
| Zcash | 8.4% | $435 |
| Bittensor | 7.5% | $312 |
| Cardano | 6.7% | $0.46 |
Today’s Top Losers in the Top 100 #
There are few coins that had to give up ground from the top 100 today, but three well-known names lead the list of biggest losers:
| Name | 24h Drop | Price |
|---|---|---|
| Hyperliquid | 4.1% | $28.26 |
| Tron | 1.6% | $0.28 |
| Aave | 0.8% | $191 |
| Pepe | 0.8% | $0.00000047 |
| Solana | 0.7% | $134 |