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Bitcoin surged to its highest since June before largely erasing gains, trading at $24,595 by 5:55 p.m. EDT, up 1.4% on the day, according to data from TradingView.
Ether was up about 0.8% to around $1,700.
BTCUSD chart by TradingView
On March 22, the US Federal Reserve will announce its interest rate decision, with the potential to swing the market significantly.
Nomura analysts expect the Fed to cut rates by 25 basis points due to “looming risks to financial stability,” while analysts Grayscale wrote that “it seems unlikely that the Fed will continue its aggressive rate hike regime.”
The altcoin followed a similar trajectory to the larger coins, ending the day near neutral territory. Binance’s BNB was down 0.2% around 6 p.m. EDT, while ADA Cardano was up 1.1%, and MATIC Polygon was down 0.9%.
Crypto stocks
Crypto stocks traded higher on the day as the US inflation data was in line with expectations.
Coinbase shares were up 5.8% to trade above $62, as of 6 p.m. EDT, according to TradingView data. MicroStrategy added 2.8% on the way up above $220. The Jack Dorsey block is trading up about 6% to above $73.
© 2023 Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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