- Bitcoin, Ethereum, and XRP hold steady ahead of the Federal Reserve's monetary policy meeting:
The Federal Reserve is expected to announce its next interest rate decision on December 10, with markets—including crypto markets—pricing in an 87% probability of a 25 basis point rate cut from 3.75-4.00% to 3.50-3.75%.
If the majority of Fed officials vote in favor of a 25 basis point rate cut, this would mark the third rate reduction this year, following cuts in September and October. Market participants point to a slowdown in the US labor market and a slight decrease in inflation as the two main factors supporting a rate cut.
FedWatch Tool | Source: CME Group
Federal Reserve Chair Jerome Powell stated in October that a December rate cut is not guaranteed, and that the central bank will base its decision on economic data. The uncertainty surrounding the Fed’s monetary policy has caused volatility in crypto markets, with Bitcoin’s price dropping to nearly $80,000 on November 21.
Since then, Bitcoin has rebounded to over $90,000, though it remains below the short-term resistance level of $94,150. Ethereum is showing strength, although its gains are capped below $3,200, while (XRP) is approaching $2.00 at the time of writing.
The Federal Reserve is expected to announce its next interest rate decision on December 10, with markets—including crypto markets—pricing in an 87% probability of a 25 basis point rate cut from 3.75-4.00% to 3.50-3.75%.
If the majority of Fed officials vote in favor of a 25 basis point rate cut, this would mark the third rate reduction this year, following cuts in September and October. Market participants point to a slowdown in the US labor market and a slight decrease in inflation as the two main factors supporting a rate cut.
FedWatch Tool | Source: CME Group
Federal Reserve Chair Jerome Powell stated in October that a December rate cut is not guaranteed, and that the central bank will base its decision on economic data. The uncertainty surrounding the Fed’s monetary policy has caused volatility in crypto markets, with Bitcoin’s price dropping to nearly $80,000 on November 21.
Since then, Bitcoin has rebounded to over $90,000, though it remains below the short-term resistance level of $94,150. Ethereum is showing strength, although its gains are capped below $3,200, while (XRP) is approaching $2.00 at the time of writing.
