Bitcoin, Ether trade lower ahead of FOMC meeting

Timmy Shen
·1 min read

Bitcoin and Ether were trading lower in anticipation of an upcoming U.S. Fed meeting that is widely expected to raise interest rates by 75 basis points.

See related article: Crypto market pain will continue but still bullish on Bitcoin lending: Silvergate

Fast facts

  • Bitcoin was trading at US$21,130 at 12:30 p.m. on Tuesday HKT, down 3.3% in the past 24 hours, according to data from CoinMarketCap.

  • The price of Ethereum fell by 5.5% in 24 hours to US$1,430, the data showed.

  • The Federal Open Market Committee, set to meet on Wednesday and Thursday, is expected to raise interest rates by 75 basis points for the second straight month.

  • The U.S. Consumer Price Index jumped 9.1% in June from a year ago, recording a four-decade high.

  • Economists are predicting a slower pace of interest-rate increases after the anticipated increase this week, according to a Bloomberg survey.

See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty