Crypto Price Today: Bitcoin Jumps 3% as Federal Reserve Meeting Approaches

Bitcoin Rebounds

Bitcoin (BTC) has surged, entering levels above the $60,000 mark and marking a gain of over 3% on Wednesday, coinciding with the anticipation surrounding the Federal Reserve’s FOMC meeting. The cryptocurrency has successfully recovered from the losses experienced on Tuesday, extending its seven-day lead to nearly 7%. Major altcoins show mixed trading results, with cryptocurrencies such as Ethereum (ETH), Tether, BNB, Dogecoin, Toncoin, Tron, Cardano, and Shiba Inu growing by up to 1.5% around 1:15 PM.

Market Dynamics

As per CoinMarketCap, Bitcoin impressively rebounded to $60,517, reflecting a notable 4.08% gain over the past 24 hours. This rise is largely attributed to overall positive sentiment in the crypto market, driven by expectations of a significant interest rate cut for the first time in four years during today’s FOMC meeting. Current futures suggest a 65% chance of a 50 basis-point cut, according to Shivam Thakral, CEO of BuyUcoin.

• Dynamics from the economics sector further heighten interest, particularly with the launch of a governance token by the World Liberty Financial crypto project, which is endorsed by Donald Trump.
• Despite this, tokens such as SUI, IMX, and FTM experienced gains exceeding 10% within the last 24 hours.
• Furthermore, while BTC remains a dominant force, altcoins like ETH saw initial strength before a slight retracement.

Coinswitch Markets Desk aligns with the expectation of a 50 basis-point cut, observing that economic dynamics extend beyond US borders. The prevailing weak data from China poses an additional caution for the market. Currently, Bitcoin's dominance has surged to 58%, while the ETH/BTC ratio has dipped to 0.03, its lowest in 3.5 years.