Bitcoin Holds Above $60K as Crypto Markets Await FOMC Meeting

Following a short pullback on Monday, Bitcoin surged yesterday, surpassing $60,000 and $61,000 to reach a three-week high.

Crypto markets are predicted to experience heightened volatility today and tomorrow, as the US Federal Reserve prepares to convene for discussions on lowering the key interest rates.

BTC Holds Above $60K

The leading cryptocurrency concluded last week on a strong note, as bullish momentum propelled it from below $58,000 to nearly $61,000 by Friday and Saturday morning. As anticipated, it stabilized over the weekend but remained primarily above the $60,000 mark.

The outlook turned negative on Monday when the asset dropped over $2,000 in just a few hours, settling at $57,500. However, bulls reclaimed control on Tuesday afternoon, triggering a significant upswing that pushed Bitcoin to $61,300, its highest value in three weeks.

Although it has since retraced by over $1,000 from that local peak, BTC is still up 2.5% for the day and stays above $60,000. More price movements are likely to occur later today as the US Federal Reserve holds its first FOMC meeting in two months.

Remember that Fed Chair Jerome Powell suggested last month that it might be time for the central bank to begin cutting interest rates, which could have a considerable effect on the overall crypto market.

SUI, TAO, IMX on the Rise

The majority of larger-cap altcoins have been relatively sluggish on a daily basis. ETH, DOGE, BNB, and TRX show slight gains, while SOL, XRP, AVAX, TON, SHIB, LINK, and BCH have seen negligible losses.

In contrast, mid-cap altcoins are experiencing more action. SUI, TAO, and IMX have surged by 6-8% daily. Consequently, SUI is trading at $1.2, TAO is nearing $320, and IMX is above $1.35.

The total cryptocurrency market capitalization rose by approximately $30 billion overnight, now sitting at $2.170 trillion according to CoinGecko.