Crypto Enthusiasts Await Interest Rate Hikes
The crypto market remains stagnant after the Federal Reserve announced that it would leave interest rates unchanged for the time being. Fed Chair Jerome Powell predicts at least two more rate hikes before the year-end, creating pressure that led to a mixed close for major indices, including the S&P and Nasdaq up 0.08% and 0.39%, respectively, while Dow showed a negative sentiment.
Bitcoin Continues Sideways Movement
The top crypto traded near support at $26,000 for most of the day and experienced a late-afternoon sell-off to a daily low of $24,925 amid a gentle price downtrend still in place on the daily bar chart. Earlier, MN Trading founder Michaël van de Poppe stated that $26,400 remained a crucial resistance level. The overall cryptocurrency market cap stands at $1.027 trillion, and Bitcoin’s dominance rate is 47.6%.
