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Crypto Radar: Prices Await Crucial Words from the US

The crypto market is holding its breath. Tonight, a key event is on the agenda that could directly impact prices worldwide. While investors cautiously wait, the market remains remarkably calm ahead of a decision that could trigger significant volatility.

Afbeelding met Bitcoin munt en Amerikaanse vlag

Foto: Frame Stock Footage & Andrew Angelov (shutterstock)

Market Outlook: Caution Prevails
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Tonight at 8:00 PM CET, something important is on the crypto market’s calendar: the U.S. Federal Reserve will announce its latest decision on interest rate policy. The market is largely pricing in a 0.25% interest rate cut. However, prices could still see volatility tonight, primarily due to the speech from Fed Chair Jerome Powell. Powell’s words will provide an indication of the Fed’s view on the economy and what investors might expect for the next rate decision. In short, it’s a pivotal evening.

In the lead-up to the evening, prices have remained very quiet, showing that investors are waiting on the sidelines. Bitcoin has been stable throughout the day, hovering around the $92,000 mark. While the market typically moves significantly at this time due to the opening of U.S. stock exchanges, it has remained silent in the past hour, with Bitcoin rising by just 0.1%.

Koers van bitcoin (24h). Bron: CoinGecko.

Ethereum, XRP, Solana, and BNB have also remained virtually unchanged in the last hour. Ethereum is currently priced at $3,320 and is still the only top-10 coin convincingly in the green over the past seven days, up 7.5%. Bitcoin, on the other hand, has lost 1.4% over the same period.

It remains to be seen how the market will react to tonight’s rate decision, and even more importantly, Powell’s speech. Analyst Ted Pillows highlighted in an X post that Bitcoin has sold off significantly after the last four FOMC meetings. Following the most recent meeting, the price dropped by 30% in the subsequent period, according to the analyst.

Today’s Top Gainers in the Top 100
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Even during a relatively quiet day ahead of the Fed meeting, some coins have posted significant gains:

Name Gain (24h) Price
Monero 10% $404
MemeCore 7.6% $1.45
OKB 7.3% $120
Liquid Staked ETH 6.3% $3,564
Ethereum

Today’s Top Losers in the Top 100
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Among the biggest losers today is the much-discussed cryptocurrency Bittensor.

Name Loss (24h) Price
Bittensor 5.2% $296
Kaspa 5.1% $0.05
Ethena 4.7% $0.26
VeChain 4.4% $0.012
Bitcoin Cash 3.4% $564