The crypto currency market started relatively calm as the day of the Fed interest rate decision approached. Bitcoin, the largest crypto currency, is seen trading above $29,000 on this critical day. However, while some altcoins are turning red and falling, others are rising. Here is a summary of the current situation in the crypto currency market.
Bitcoin and Altcoins: Current Status
Bitcoin fell below the $30,000 level on July 24th and caused a brief panic by dropping to $28,800. The leading crypto currency is currently trading at $29,248 with a 0.48% increase in the last 24 hours ahead of the critical Fed interest rate decision. Data shows that Bitcoin has dropped by 2.82% in the past 7 days and 3.16% in the past 30 days, with a market value of $568.73 billion.
The king of altcoins, Ethereum (ETH), is currently priced at $1,858 with a 0.35% increase in the last 24 hours. CoinMarketCap data indicates that ETH has dropped by 2.89% in the past 7 days and 1% in the past 30 days.
On CoinMarketCap’s list of top gaining altcoins of the day, Compound (COMP) ranks first with an 11.91% increase, trading at $69.28. It is followed by Theta Network (THETA) with a 4.98% increase, trading at $0.8454, and Dogecoin (DOGE) with a 3.67% increase, trading at $0.08023. On the other hand, XDC Network (XDC) ranks first on the list of top losing altcoins with a 7.66% decrease, trading at $0.05418. It is followed by Synthetix (SNX) with a 5.64% decrease, trading at $2.59, and Mantle (MNT) with a 4.21% decrease, trading at $0.5319.
The Crypto Currency Market Awaits the Critical Fed Interest Rate Decision
Just like the global markets, the crypto currency market is also focused on the critical Fed interest rate decision that will be announced today. It is almost certain that the Fed will increase interest rates by 25 basis points, and no surprises are expected regarding the interest rate hike.
Market analysts and experts emphasize that the 25 basis points increase may already be priced in, and they do not expect any impact on the market when the official announcement of the interest rate hike is made. However, they state that the statements of Fed Chairman Jerome Powell will be important. Therefore, investors will closely follow Powell’s statements during the press conference that will start at 21:30, right after the interest rate decision is announced at 21:00.
