The cryptocurrency market awaits the US Fed’s two-day meeting outcomes later on the day. Market participants expect Federal Reserve to comment about interest rate hikes in March, attempting to curb inflation.
The crypto industry attempts to stabilize, following the latest turmoil ahead of the United States Fed Reserve meeting results. Nevertheless, the assets observed thin volumes despite the latest surges.
The cryptocurrency space closely waits for outcomes from the Fed’s two-day session today. Market players expect the regulator to introduce an interest rate hike in March to curb inflation.
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Excluding the dollar-tied USDC, all assets in the top ten crypto-list traded higher early Wednesday. BTC and ETH gained more than 2% each, while Dogecoin and Solana experienced an up to 7% value increase.
The overall cryptocurrency market capitalization saw a 2% surge to $1.67 trillion. In the other past, the cryptocurrency market volume dropped more than 33% to $85.18 billion.
Indian Market
Indian crypto exchanges saw increased trading volumes within the last few days because of massive volatility in the marketplace. Most investors and traders liquidated a portion of risk assets and rebalanced portfolios with stable coins. Moreover, they jumped into opportunistic purchasing, averaging down their investment portfolio.
Meanwhile, wealthy individuals that purchased digital coins within the past two years began transferring them to wallets and family trusts out of the nation as India drags towards crypto regulations.
Global Updates
The IMF executive board urged El Salvador to suspend Bitcoin as legal tender, citing liabilities and financial risks. The recommendation emerged in a Tuesday report after bilateral debates with El Salvador concerning its economy. The nation has been discussing this with the International Monetary Fund about a loan amounting to $1.3 billion.
Cathie Wood’s ARK Investment projects that BTC price might surge past $1M by 2030 as the token’s worldwide usage is in the early days. On the other side, Dragonfly, a cryptocurrency venture capital company’s new filing, shows the firm raising $500M funds.
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For now, crypto market enthusiasts await Fed’s interest rates decision and how the outcome will impact crypto prices.
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