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This year, the price of Bitcoin (BTC), the in the world by market cap, has surged more than 73%. The Bitcoin price rally resulted from the ongoing banking crisis and macroeconomic concerns in the US. Also, the upcoming Federal Open Market Committee (FOMC) meeting is expected to have a positive outcome for the cryptocurrency market. The Fed will make its interest rate decision public on at 18:00 UTC. Federal Reserve Chairman Jerome Powell will speak at the post-meeting press conference 30 minutes later. The the best way to accomplish the central bank’s longer-term objective of bringing inflation down to its target rate of 13.3%. Further, some analysts believe that the rally may hit a temporary bump if Fed Chairman Powell chooses not to announce the highly anticipated pause in the tightening cycle. Currently, , and for the past week, the biggest digital assets have lost over 2%. At the time of writing, Bitcoin traded at $28,507 with a 24-hour trading volume of 416.7 billion, which soared around 6.5%. Bitcoin (BTC) Price Chart (Source: ) However, cryptocurrency investors expect that the forthcoming Fed meeting may spark the global cryptocurrency market. A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.
Read more: thenewscrypto
