March 23, 2023: On Wednesday, Cryptocurrencies increased barely, making on recent gaining as investors awaited the most delinquent policy decision from the Federal Reserve.
Bitcoin increased 1.4% to $28,645.10, according to Coin Metrics. Ether was flat after a big move higher on Tuesday.
Investors were on the edge of their seats, counting down to the decision of the Fed meeting on Wednesday afternoon. The central bank is widely anticipated to raise interest rates by another 25 basis points. That could lead bitcoin and ether prices to sell off “but not by much,” Bernstein analysts said early Wednesday.
“People are wondering if this is an economic crisis or just a crisis of financial conditions,” stated Callie Cox, U.S. investment analyst at eToro.
“Right now, it looks like the latter, and markets are finding some relief. Headlines have calmed down, and investors are willing to look on the good side of a growth obstacle, lower inflation and a resurgence in risk appetite.”
Bitcoin volatility has returned this month, sending the cryptocurrency’s price up more than 20% for the month and bringing its year-to-date gains to more than 70%. At the same time, its correlation with stocks has broken after trading in lockstep with equities for about two years.
Nevertheless, macroeconomic factors are still the biggest drivers of bitcoin’s price. Investors will also be listening to Fed Chair Jerome Powell for long-term economic projections and the decision on the interest rate hike.
Bitcoin is showing upside exhaustion and approaching a heavy resistance level between $29,000 and $30,000, according to BTIG’s Jonathan Krinsky.
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