Bitcoin
was steady Wednesday ahead of the Federal Reserve’s decision on interest rates.
Bitcoin
was broadly flat at $29,189, having traded in a tight band over the last 24 hours. The largest cryptocurrency has given up gains caused by excitement over the possibility of an exchange-traded fund that owns Bitcoin directly in the run-up to the Fed decision.
“Despite a cautious attitude of investors in the short term, especially due to the rate hike expectations at the forthcoming FOMC meeting … metrics concerning BTC and ETH [Ether] suggest a period of accumulation, with investors that are buying digital assets and holding for a long period,” wrote Matteo Greco, an analyst at Fineqia International, in a research note.
Dogecoin
was trading up 1.7%. The token traded at its highest levels since May after being boosted by speculation that Elon Musk might opt to use the cryptocurrency in his plans to expand the X social-media network—the new name for Twitter—as a financial platform.
Elswehere,
Ether
—the second-largest crypto—fell 0.4% to $1,850. Smaller tokens, or altcoins, also fell with
Cardano
down 1.3%.
Write to Adam Clark at adam.clark@barrons.com
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