21.09.202210:32 Forex Analysis & Reviews: Crypto market awaits Fed meeting results

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Bearish sentiments predominate in both crypto and regular markets as investors worldwide await the FOMC meeting and the following interest rate hike by the Federal Reserve. Currently the US central bank is expected to increase the Fed funds rate by 75 basis points. However, some believe that a 100 bps hike could be on the table, as inflation remains a constant issue.

Bitcoin was under pressure throughout Tuesday's session. Bearish traders now have a short-term technical advantage as BTC fell below the low of early September.

While the situation might seem bleak, it is not hopeless, and Bitcoin could recoup its losses, independent market analysts Michael van de Poppe said.

Ethereum continues its attempts to gain momentum after The Merge successfully concluded last week. ETH decreased slightly by 0.25% and hovered at $1,327 at the moment of writing.

According to CoinMarketCap, out of the 200 top tokens, the best performing cryptocurrencies over the past day were Helium (HNT), which jumped by 10.48%, Render Token (RNDR), which gained 8.43%, and Syscoin (SYS), which rose by 7.11%.

The market capitalization of the crypto market currently stands at $929 billion. The Bitcoin Dominance Index is at 39.3%.

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